George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Regardless of the rig contract surely we would receive official updates in regard of road and pad constructions which would be very positive and newsworthy developments. I understand the ceo s reticence in providing a running commentary in rig negotiations but that shouldn’t mean radio silence on any other progress surely?
We ve had lots of details and updates from the previous ceo in regard of the previous rig he was trying to provision going so far as to quite technical maintenance details which ended up being a total waste of time. I think Laura was quite clear when she said she wouldn’t be providing a running commentary probably because she presumed it would be met with scepticism. All the same it does feel like there should be a middle ground because it has felt abit like radio silence over the last few weeks which naturally worries people.
The guidance was a q3 spud and that is still plausible for a few weeks assuming an 8 week mobilisation and if it slips to Q4 so be it. We ve heard nothing from either Noble or Lorna to suggest Q3 is off the table so patience seems the order of the day. I understand it’s frustrating but I’m confident we ll get an update soon.
We ve had continental wars, potential closures of the Suez Canal, pirates and now an interpretation of a presentation potentially written months ago. All we actually have is both Lorna and Noble stating the plan is for a Q3 drill. Beyond that it’s pure speculation. We were told there would be a delay whilst the contract is agreed so I haven’t been expecting an update. For Q3 to happen we will probably here at some point in May. But if it moves to Q4 and the rig contract is signed that’s fine too.
Once Noble had released there communication directly mentioning Helium one there was no choice but to release an RNS updating on the current position regardless of Lorna previously stating her reluctance to give interim updates like the previous MOU. It is what it is progress with some good detail of where we are re the rig albeit not the confirmed contract that will hopefully follow. Noble seem still to be confident of that Q3 drill still so good news.
Given that we cashed up quite quickly and apparently easily I suppose conversely some will wonder why we didn’t cash raise sufficiently for 4 drills and then have the ability to start drilling as opposed to relying on others. I’m quite relaxed about the situation and remain confident of a Q3/4 drill but I completely understand after 2 years of practically no progress some will think just get on with it.
In 2021 the rig deal with Mitchell was announced at the back end of March with an expected drill anticipated mid May. There was a delay of a month or so. Lornas stated aim was always a Q3 spud which still gives her at least a month potentially 2 to finally get the rig contracted. It’s not her fault that the previous CEO missed almost every timescale he provided. I expect we ll get confirmation by the end of April that a contracts been signed. I’d much rather a wait now with proper due diligence than big issues with the rig later.
It was Mitchell drilling that drilled the last time. It wasn’t a duster as such it was a washout caused at least in part by the choice of a mineral rig rather than an O&G rig. It’s clear that an O&G rig is being sourced this time but the availability of such rigs near Tanzania has been problematic for 1 or 2 drills hence the potential link up.
As this involves exploration I’m not sure why it’s strange that a small number of posters are geologically educated and choose to both invest and post in detail to a level beyond what many would have understood without their input. Why this would mean they are David Minchin seems bizarre . If he had wanted to communicate he could have done it in many different ways such as the newsletter that stopped. As it is josh and Keith are simply highly valued contributors and investors.
I invested in Helium one following a conversation with one of the geologists involved in the university studies. He had no financial interest but it was clear he was convinced in the merits of the project. It turns out that the first drill failed not because of the geology it was because of a poor choice of drill that led to a washout. What has happened since has been a shambles but the geology remains exactly the same. I remain convinced that had an O&G rig been used initially we d be in a very different position now. Yes it’s been a very frustrating 18 months but we are in essence back in the same position only with a great deal more knowledge in terms of seismic testing and knowledge gained from the first drill.
The main issues over the last the last couple of years have been related to the rig. Firstly an inappropriate rig was selected for the first drill and then a fiasco selecting and obtaining a correct drill for the 23 campaign. Additionally it’s fair to say there have been some communication issues. As I understand it Lorna is an excellent geologist but that was also apparently DMs strength. I’m not sure what this has added but of course but of course wish her the best of luck.
Disappointing but I never believed there would be a drill in Q1 given the climate and the history of missing target dates. I always thought Q3 was more likely. The hard works done the geology and identifying the target.it’s tempting to sell out of exasperation but once they finally provision the rig I’d inevitably have to buy back at a higher price.
Yes it is only a mou but at the same time people have been crying out for an update suspecting there are problems in the background we aren’t being told about. So here s the update. It would have been great had the contract been actually signed but there are enough specifics re the “new” rig for me to be happy this is legitimate progress at last. Of course it’s a shame this rig wasnt provisioned earlier in the year but here we are and if we spud in Q2 I’ll be very happy.
Following the last RNS I had very little expectation that we would be drilling in January or February. Even with the rig sorted it would be a strange time to start a campaign given the weather. I’m reasonably confident that the whole rig situation may be resolved in time for Easter. It is frustrating but frankly whilst I’m still very positive about the project as a whole I don’t have much confidence in any timescales being met given previous let downs. Still if we have a commercial discovery in June next year those who ve stuck with it should be well rewarded.
It’s not looking terribly hopeful for drilling this year. It’s still possible but the timescales are getting tight. It might not even be preferable if the financing doesn’t extend to more than 1 drill. The last thing I want is for a rushed drill and a washout or similar. Another failure would surely impact the share price even worse than a delay until spring. It’s a shame the drill wasn’t provisioned several months ago but here we are.
The share price spiked rapidly because there was a very significant new investor I would have thought. The immediate and real short term liquidity issues dissipated which led to an increased level of confidence and a rise in the share price. I should think the process that PIF would have gone through in terms of due diligence also eased some of the ongoing worries in regard of Nebula and the latest financial position.
I’m not too sure why there is concern the Chinese market won’t ever recover. Of course they ve had a miserable year just like most economies but they are still forecast to grow at 5% next year which is considerably more than practically every other economy. I’m sure they will have other Covid complications along the way but I wouldn’t worry about a permanent impact.
So stroll did say that AML didn’t need to raise additional money in February. Since then we have seen the global economic situation deteriorated significantly. If stroll did nothing we would remain concerned about liquidity which was a legitimate concern. Instead he brought significant investment from PIF which safeguards the company during this horrendous short to medium term economic period. I’m not sure stroll seeking additional investment and finding it at this point is something to criticise it seemed quite prudent to me.