Member Info for MCNol

Good morning @Exponential

To clarify the timeline discussed during the December 2025 AGM: the 'second test' you are referring to was the wireline logging program conducted by Digital Borehole Surveying (DS)...

This was not a secondary flow test that added 'unexpected time' to the current schedule; rather, it was a critical pre-requisite phase. As confirmed in the December 8th and December 15th updates, the logging of the open-hole Basement section was performed to map the fracture network and optimise the placement of the ESP...

In professional well management, you do not deploy an artificial lift system like an ESP blindly. The borehole surveying provided the 'map' that allowed the technical team to seat the pump at the exact designated depth announced on January 19th...

Therefore, the current 21-day testing window is not an addition to the borehole survey, but the culmination of it. We are not seeing 'additional testing' due to findings; we are seeing the execution of the primary plan to convert those borehole findings into stabilised, commercial flow rates...

The "additional testing" mentioned by Exponential was actually risk mitigation. By surveying the borehole first, Helium One ensured that when we turned the pump on, we were pulling from the most helium-rich fractures. This isn't a delay; it's precision engineering....

The borehole survey was finished before the Jan 19th "Commencement" RNS. We are currently in the final data-validation stage of the pump test itself...

@Blubay characterising the current timeline as an 'unexpected delay' is an operational misnomer. In the context of the January 19th RNS, which officially announced the 'Commencement of ESP Testing,' the 21-day guidance provided by the Company was an all-inclusive estimate for the completion of the testing phase.

We are currently at Day 23. In the life cycle of an Extended Well Test (EWT), a 48-hour variance is statistically insignificant and does not constitute a 'delay' in a technical sense. A professional analysis must account for the Stabilisation Period—the time required to flush completion fluids and achieve a steady-state flow rate suitable for a Competent Persons Report (CPR)...

@Blubay is trying to frame a 48-hour window as a "1-2 week delay." The Jan 19th RNS and the stable 0.46p price, shows Blubay's "delay" is a fiction created as she clearly dones not understand the reporting process (or wishes to misrepresent it?)

@Blubay While your semantic distinction between 'running' and 'testing' is common in basic rigging operations, it is contextually incorrect regarding AIM regulatory disclosure. When a public explorer releases a 'Commencement of Testing' RNS—as Helium One did on January 19th—the provided 2–3 week guidance is an inclusive project management envelope.

In gas engineering, the 'Testing Phase' begins the moment the tools leave the surface. The RNS explicitly stated that deployment, function testing, and activation were the immediate sub-steps of the 'testing phase' that was 'anticipated... to take two to three weeks to complete.' To suggest the 3-week clock only starts after the pump is at depth is an attempt to segment a single, continuous operational program into arbitrary pieces to explain away the current timeline...

Furthermore, an ESP being 'run' 1km down into a pre-drilled and cased hole does not take 14 days; that is an afternoon's work. The real 'running' involves the stabilised drawdown and the Extended Well Test (EWT). We are now at Day 23.

Regardless of your personal reading, the company is officially in 'overtime' relative to its own guidance. The market’s stability at 0.44p doesn't support your 'wait another 3 weeks' theory; it supports the technical reality that the results are currently in final verification and Nomad-approval...

Blubay your interpretation conflates operational milestones with reporting guidance. Under AIM disclosure rules, a 'Commencement' RNS signifies the transition into a definitive operational phase—in this case, the ESP Testing Program.

The Jan 19th RNS explicitly defined the 'testing phase' as a 21-day window. In gas engineering, the 'testing phase' is an inclusive term that encompasses the completion of the assembly deployment, the achievement of a stabilised drawdown, and the subsequent flow period. To suggest that the 3-week clock only begins after the function test is a fundamental misunderstanding of project management timelines provided to the market...

Furthermore, the stability of the VWAP at the 0.44p level suggests that institutional liquidity providers are operating on the original 21-day guidance. If the market shared your 'delayed start' theory, we would be seeing a standard pre-RNS liquidity bleed as short-term capital rotated out. The fact that the order book remains bid-supported confirms that the market anticipates the results are currently in the data-validation and Nomad-approval stage, not the 'setup' stage...

It is highly probable that the physical pumping is complete. The current silence is likely due to the Pressure Transient Analysis (PTA) and the lab verification of Helium-to-Nitrogen ratios.

Releasing "raw" data before it is stabilised leads to market volatility. The "delay" isn't a lack of progress; it is the process of converting raw flow into commercial reserves...

As usual @Blubay you are demonstrating a revisionist history.

On January 19th, the company stated the ESP phase had commenced and would take 'two to three weeks to complete.' > We are now at Day 22. If you weren't expecting news for '3-4 weeks,' you were essentially betting against the company's own operational timeline?

The fact that the price is holding 0.44p on Day 22 proves the market isn't worried about the wait—it’s waiting for the quality. If you're 'happy to wait' for 4 weeks, you’re just admitting you expect the results to be late. I'd rather stick to the RNS facts than your personal calendar. You are trying to "gaslight" the board into thinking the news isn't due yet...

@oceanwanderer

Psychological research from 2024–2026 into "Dark Tetrad" traits and online behavior highlights that short, provocative troll posts are rarely about the stock itself. They are a low-effort way for the poster to trigger a neurochemical reward in their own brain...

For a narcissist, negative attention is better than no attention. By posting something outrageous or obviously wrong, they force the board to look at them. They become the "main character" of the chat for 10 minutes...

@oceanwanderer

QED, I don't need a second ID to make you look silly—one is sufficient and doing a perfectly fine job.

@Oceanwanderer accusing others of having "multiple IDs" (often called "sock-puppeting") is a sign that you have lost the factual argument. It is a desperate distraction tactic used to discredit others content because you can't actually debunk it...

Accusing someone of having a second ID is the white flag of a board troll who has run out of arguments. You can’t handle the fact that the ITW-1 pump test results are due any minute, so you’re trying to play 'detective' instead. It’s pathetic. If you can't argue the technicals, just say that...

@Blubay s attempting a classic "moving the goalposts" tactic. By trying to redefine when the clock started, they are attempting to explain away the lack of an RNS today...

However, based on the exact wording of the January 19th RNS and standard oil/gas operational reporting, their claim is factually shaky...

The RNS released at 07:00 AM on Monday, 19 January 2026 was titled: "Commencement of Electrical Submersible Pump ('ESP') Testing at ITW-1."

The text explicitly stated...

"The Company is pleased to announce that the ESP testing phase has commenced at the ITW-1 well."

In the world of AIM-listed explorers, you do not announce the "commencement" of a testing phase if you are still just checking the surface equipment. "Commencement" refers to the start of the operational program described...

The 'setup phase' isn't an invisible extra week. Even with a 48-hour window to seat the pump and flush the brine, we are at day 22...

The testing is likely finished, and the technical team is currently verifying the helium concentration vs. water flow data. High-quality data takes a few days to process before the lawyers and Nomads approve an RNS...

@Cityfile

You’re confusing a 'standstill' with 'seller exhaustion.' On-book volume is low because nobody is stupid enough to sell their position on the final day of the 3-week ITW-1 window...

If there were real fear or doubt, we’d see a high-volume 'flush.' Instead, we have a tight spread and a price pinned to the ask. The market is effectively 'coiled'—the sell side of the order book is empty....

@Oceanwanderer

You're clearly misquoting the Dec 15th AGM. The board explicitly stated they are fully funded for all current commitments, including the ITW-1 pump test...

When asked about the $100m for future development, the Chairman didn't say 'equity raise'; he said they would be 'opportunistic' and specifically mentioned debt and strategic partnerships as the preferred route to 'minimise dilution.'

More importantly, your 'cash is running low' theory ignores the Jan 20th RNS: first revenue in Colorado is happening now, with each trailer worth up to $102k. For the first time, HE1 has cash flow to assist the Tanzanian bills.

If you’re still waiting for a 2023-style 'survival raise,' you haven't read the 2026 RNS feed. The era of non-revenue exploration is over...

As of approximately 2:00 PM, the on-book volume is sitting right around 17.5 million shares...

The Volume is "Low" (17.5m vs 35m Average)

which actually makes the current situation more interesting from a technical perspective...

Trading 17 million shares when the average is 35–50 million means that liquidity has vanished. Usually, on the final day of a major 3-week window, you would see high-volume selling if people were nervous. Instead, people are holding...

Despite the volume being roughly 50% of the daily average, the price is holding firm at 0.44p. This tells us that the "Sell" side of the order book is extremely thin. It won't take much volume to move the needle once an RNS lands...

Since the volume is currently low (17m), watch for a "Late Surge." If we see the volume jump from 17m to 25m+ in the final hour (15:30 onwards) without the price dropping, it confirms that large players are quietly absorbing whatever retail is selling...

The 4:35 PM "Uncrossing Trade" will be the true test. If that single trade is 2M–3M shares, it’s a major signal. When the news hits, there won't be any resistance to slow down the gap up...

The week starting Monday, 9 February 2026 is arguably the most critical period for Helium One since the initial ITW-1 discovery. We are entering the "Impact Zone" where two major project timelines converge...

Based on the official RNS updates from January 19th and 20th, here is what we should be watching for...

1. Tanzania: ITW-1 Pump Test Results

On 19 January 2026, the company announced that the Electrical Submersible Pump (ESP) testing had commenced and was expected to take two to three weeks.

Monday, 9 February, marks exactly three weeks...

An RNS confirming the completion of the test. While final, independent corroboration of every data point might take longer, the market expects preliminary flow rates and helium concentrations in order to prove that the "solutions-based" helium (helium in water) can be pumped at commercial volumes....

2. Colorado: First Revenue Confirmation

On 20 January 2026, HE1 confirmed that the first tube trailer was on-site at the Pinon Canyon plant and being filled...

It has now been over 17 days since that trailer arrived. Operationally, it should have been filled, dispatched, and potentially even paid for by now...

Confirmation of the first commercial sale and the transition from "Explorer" to "Producer." This is the "Non-Dilutive Cash" trigger that proves transition to revenue isn't a theory anymore...

I used to type faster but current average around 65 wpm....

@CrustyPete Claiming the basin model hasn't been independently validated is a bold strategy, considering Sproule ERCE issued a comprehensive CPR on exactly that in June 2025. That report didn't just 'opine' on a well; it certified a 138 Bcf prospective resource based on the very basin model you're calling 'supposed.'

Suggesting that rNAV is 'incalculable' without further corroboration is a standard bear-case stall tactic. The industry already has the volume (138 Bcf) and the grade (5.5%); the flow rate from the ESP test is the final commercial trigger.

To say that proving deliverability won't 'move the dial' ignores every historical precedent on the AIM market. You don't need a refreshed spreadsheet to know that a discovery becomes a business the moment the gas stays in the pipe.

If you're waiting for 'independent validation' of things that were already certified last summer, you're not being cautious—you're just not reading the RNS feed.

@CrustyPete

Dismissing flow rates as 'unrevealing' ignores the basic mechanics of junior mining valuation. We already have the 138 Bcf resource estimate from the June 2025 CPR; what we lack is the verified 'deliverability'—the proof that the reservoir can sustain the volumes needed for a plant...

To say flow rates don't prove commerciality is technically true but practically irrelevant. If the ESP hits the modeled flow targets, the existing resource estimates are 'unlocked' and become bankable reserves. Suggesting we should wait for a third-party to 'opine' before acknowledging a successful flow is like waiting for a referee's written report before cheering a goal. The flow rate is the event; the CPR is just the paperwork...

@CrustyPete

The 'countless examples' of companies holding back results aren't examples of 'best practice'—they are usually examples of companies trying to avoid a share price collapse or being investigated by the FCA for poor disclosure...

Under AIM Rule 11, price-sensitive data (good or bad) must be released 'without delay.' The market doesn't wait for a CPR to decide if a discovery is real; it trades on the raw flow data provided in the initial RNS.

To suggest that HE1 can legally sit on helium results for months while waiting for a third-party 'blessing' is a fundamental misunderstanding of UK market regulation. Expect the raw data first, precisely because the law requires it...

Your comment describes a classic bit of AIM folklore that ignores the legal realities of the UK stock market. The idea that results can be "held back" for months while companies wait for third-party validation is a high-risk strategy that would land most Directors in front of the regulator...

@CrustyPete

The idea that a company would—or even could—withhold material flow results until a full CPR is completed is a fundamental misunderstanding of AIM disclosure rules. Under Rule 11, if you have price-sensitive data from a pump test, you publish it....

Suggesting that flow rates and concentrations aren't 'revealing' without a third-party resource estimate is equally off the mark. The market doesn't need an independent consultant to tell them that 5% helium at a high flow rate is commercial; that’s why we have house brokers and analysts...

Waiting months for 'corroboration' while the results are known internally is a recipe for an insider trading investigation, not 'prudent management.' Expect the raw data first; the 'official' stamp of approval comes much later."

Expect HE1 to announce the preliminary findings (flow rates and on-site concentrations) the moment they are confident in them. They won't wait for the independent "Gold Standard" certificate to tell the market the pump works.

Investing in Genius Sports (GENI) carries significant risk primarily because the company operates on a high-stakes "data rights treadmill," where it must continuously spend massive amounts of capital to secure exclusive contracts with leagues like the NFL. This heavy spending has historically led to persistent unprofitability, making the stock highly sensitive to any shift in market sentiment or a "miss" in growth targets. Furthermore, the company’s valuation is often stretched thin compared to its actual earnings, and its success is entirely dependent on the continued expansion and favourable regulation of the sports betting industry...I would not touch it with a bargepole!