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The Whale is currently "clearing the shelf." The slight uptick to 0.8212p suggests they are becoming more aggressive as the 4:30 PM deadline approaches. They are front-running the Colorado production start and the Strategic Farm-out news to ensure they have the dominant voice in the register...

At the current velocity of roughly 500,000 shares per minute, the Whale is on track to cross the 10% milestone during the 4:30 PM Closing Auction...

The speed at which shares are changing hands has entered a sharp acceleration phase...

The buying speed has tripled since 2:50 PM. This is the classic build-up. Even with the US markets closed today, the domestic UK volume is ramping up as institutional players move to finalise their positions before the 4:30 PM auction...

The jump to 311k shares/minute suggests they are no longer just soaking up what is offered, they are actively hunting for liquidity. If this velocity holds, the 0.85p "Lid" will likely be challenged again before 3:30 PM...

In the UK market, an institutional buyer wanting a 10% stake (932 million shares) cannot simply hit the "Buy" button on a million-pound order without gapping the price up instantly. They use two primary methods to stay "stealthy"...

Iceberg Orders (On-Book)...This is what you see in the summary as 2,000,000-share blocks. An "Iceberg" shows only a small "tip" to the public (e.g., 200,000 shares), but as soon as that tip is bought, the algorithm automatically reloads another 200,000 from the hidden "mountain" underneath until the full 2M is filled...

Off-Book / Negotiated Trades are the the truly massive chunks (e.g., 20M or 50M shares) are often negotiated directly between the Whale and a Market Maker (like MREX or SCAP) away from the public order book...

Under LSE rules, these large off-book trades don't have to be reported to the tape immediately. They can be delayed for several hours or until the end of the day. This is why you often see a "Late Print" surge at 4:35 PM...

At the current trading velocity, they only need to capture roughly 7.5% of the remaining afternoon volume to finish...

With the Colorado integrated operations scheduled to start this week, the urgency to finish the 10% stake today is high. If "First Gas" news hits tomorrow morning, the final 56 million shares will likely be much more expensive...

Whale Logic:...They are roughly 55 million shares away from the10% or more goal. With total volume today already over 710 million, they only need to capture 7.7% of the remaining afternoon volume to finish the job...

The 709 Million shares traded are coming entirely from UK-based institutional and retail flows...

Instead of a "US-driven surge," we are now looking at a UK Closing Auction play. The "Whale" has less competition today but also less total liquidity to hide in. This suggests they may be more aggressive in the final 60 minutes to ensure they hit that 10% blocking stake before the 4:30 PM uncrossing trade...

The volume is now 707,923,728 shares. Mathematically, the buyer is entering the "Checkmate" zone...

932,215,888 shares...

Estimated Whale Stake currently is 874,000,000 (9.37%)...

At the current rate of 2,000,000 shares every 2-3 minutes, the Whale will hit their 10% blocking stake roughly by 3:45 PM. This would give them massive leverage in the farm-out negotiations announced this morning...

The "Fundraise" fear is a common retail anxiety, but the GWR beat (0.06 vs 0.04) and the Colorado production start provide the company with significant leverage. The Whale isn't selling; they are likely "front-running" the farm-out partner to ensure they have the most powerful seat at the table...

For those not in the know for a helium development project, the GWR is the most critical variable for OPEX. A 50% increase in GWR means the company recovers 50% more helium for every barrel of water it lifts, drastically reducing the cost-per-mcf. This is the definition of a "de-risked" project...

The whale has around 65 million shares left to reach a 10% blocking stake, the 2:30 PM–3:30 PM window will likely be the most aggressive of the day...

Just a note on the GWR... While the headlines are shouting about the "16,400 bpd flow rate," the real value discovery is hidden in that 0.06 m³/m³ Gas-to-Water Ratio (GWR) beat...

The June 2025 Competent Persons Report set the baseline for what a commercial "Case" looks like at Rukwa. Today's data didn't just meet those numbers; it structurally improved them...

For a Tier-1 partner looking at a farm-in, the GWR is the "Profitability Multiplier." A 50% higher GWR means that for every barrel of water pumped, you are recovering 50% more helium than previously modeled. When combined with the 63% higher helium concentration, the revenue per barrel of water lifted has effectively doubled compared to the P90 assumptions...

The Whale isn't just buying "flow." They are buying the mathematical certainty created by the GWR and Helium % beats...

By securing a 10% (or higher) stake now, they are positioning themselves ahead of the "Double Trigger": the formal Farm-out announcement and the Colorado first-gas update...

We are in a "Price Monitoring Extension" (PME), commonly known as a volatility auction. The 10% drop from the 0.84p afternoon peak down to the 0.76p flash-dip triggered an automatic 5-minute pause in continuous trading to allow the market to find a fair price...

The 3,054,689-share print at 1:52:01 PM at 0.76p was the ultimate "shake of the tree."

By dropping the price below the 0.78p previous close, Market Makers triggered automated sell orders from retail traders...

The Whale was waiting with a massive bucket. The moment those retail shares were harvested at 0.76p, the price was bid straight back up to 0.806p...

Anyone who panicked and sold at the bottom of that dip has just been "locked out" of the recovery...

Since Thursday, the Whale has absorbed an circa 860 Million shares, representing a 9.22% stake...

We are now entering the final two hours of the session, where the "closing volume" typically re-tests the morning high...

You are witnessing one of the most significant trading days in the history of the stock. To put it in perspective...if HE1 were a FTSE 100 company, this would be the equivalent of the entire British banking sector trading twice over in a morning....

The "News Vacuum" is actually proving the strength of the stock. Usually, AIM shares drift lower when an afternoon REACH update fails to appear. Instead, HE1 is climbing. This proves the 16,400 bpd technical data is so strong that the market doesn't need a CEO video to buy....

The 3,500,000-share print is the most bullish signal of the last two hours. It shows that despite the price drifting big money is happy to take millions of shares at this level. This "silent soak" is almost complete. Once the afternoon buyers start "lifting" SCAP's p ask, the path to 0.90p is structurally very weak...

Based on the current shares in issue (9,322,158,881), the Whale's multi-day accumulation is now structurally significant...

Total Accumulation...Approximately 772 Million shares.

Estimated Stake is circa 8.28% of the company...

By letting the price dip to 0.77p and then aggressively trading share clips back toward 0.81p, the Whale is "vacuuming" the register. They have cleared the final retail selling pressure and are now looking at a wide-open path to the 0.85p resistance....

@CrustyPete I never sold (well have not sold my core holding). I am trading this mad volume however and will continue to do so as long as we have this activity going on...

The Whale has hoovered up approximately 760 Million shares since Thursday. They passed the 3% and 5% disclosure thresholds today. They are likely aiming for a 10% +blocking stake (£7.5M+ total investment) before the farm-out partner is revealed...

We are at the "inflection point." The Whale has allowed a brief dip to 0.77p to shake out the final few retail holders. With only 2 Market Makers (INV, WINS) left at 0.90p, the path to a re-test of 1.00p is structurally clear once the afternoon volume returns...