Member Info for MCNol

Our Net Assets are reported as £39.8M as of June 2025.

The market is currently valuing the entire company for less than the accounting value of its physical assets and licenses, effectively giving zero value to future production profits.

If you look at Price-to-Book (P/B) ratio, HE1 is trading at roughly 0.8x, while its peers in the oil and gas sector average around 1.7x. This suggests that, purely on paper, the stock is trading at a 50% discount to its peer group.

Multiple analysts (including Panmure Liberum) have maintained price targets in the 2.9p to 3.3p range.

With the current share price sitting around 0.36p, these targets suggest a potential upside of 700% to 800%.

We are fundamentally undervalued considering we will successfully transition to a producer in the next 30 days.

Roll on "First gas" that should change things dramatically here not just the perception of the markets currently placing no value on Colorado or Rukwa.

Our 50% Share: (after costs) of annual profit from Galactica is estimated at £5M – £8M GBP.

"ASX:BNL) has requested an immediate trading halt of its securities, pending the release of an announcement regarding a capital raising by the company. The trading halt is expected to end on the earlier of the commencement of normal trading on Monday, 22 December 2025, or when the announcement regarding the capital raising is released to the market.'

Source: Linkedin 'Investair'

HE1 have between 6m-8m cash balance presently by my calculations. Galactica would cost around 3-4m, however as I said earlier we would probably only do so if they could not raise themselves. In the current final stages to "First Gas" they will have no issue at all raising...

We have enough to purchase the 50% for the Galactica project....

The BNL Halt ends next week. Will Santa be delivering "First Gas" for Christmas, or will we see a fantastic Hogmanay gift?

BNL is the Operator, handling the day-to-day administrative and technical burdens and we are dependent on them being able to raise the funds to do that. That should not be an issue as we have first gas imminent (expected by the end of December 2025), and we are about to start receiving our share share of revenue without needing to spend millions more to buy the other half of the project.

In truth I can only envisage HE1 acquiring the other 50% of the Galactica/Pegasus project if BNL cannot raise the funds themselves…

We have enough cash now to buy BNL out…..now wouldn’t that be worth it…

I will leave you to your early bath Broomtree...

A Christmas party awaits and I will leave the Trolls to amuse themselves...

They have built the capability to manage 20,000 gallons of water per day.

@Broomtree why are you misrepresenting the published facts?

In retail investor circles, the test is viewed as the "Super Test" because it is the final catalyst required to convert Contingent Resources into Proved Reserves. If successful, it proves the commerciality of the entire Rukwa basin.

Unlike a standard well test, this involves a complex industrial setup including the mobilise-to-site of a pump from China, civil engineering for massive water handling, and the use of the company's own drilling rig. The "Super" moniker reflects the scale and the high concentration (5.5%) being tested.

In several interviews throughout 2025, our CEO emphasised that the upcoming ESP phase was "the next major step" and a "significant forward step" for the company. She noted that it would involve flowing the well at significantly higher rates than the natural flow seen in 2024.

Next...

May I suggest you learn to spell before you attempt to have a cogent argument with an experienced Investor?

It was clearly stated...

Give it up Blubay, you are showing your true colours just a little too brightly today...

You need to pay attention Blubay...the strategic shift to a leasing model significantly reduced our upfront capital needs after the raise was already completed, leaving us with a "banked contingency" which has been repurposed to strengthen the company’s balance sheet.

By switching to a lease for the Pinon Canyon plant (via Kinder Morgan), the Joint Venture replaced a massive upfront purchase cost with a recurring monthly operating expense.

A company only pays a penalty to get rid of debt early if they have excess cash and want to stop future dilution. This proves the August raise provided more than enough "buffer" once the project became more capital-efficient.

The "weak ROI" argument is now being challenged. By lowering the upfront entry cost through leasing, the project's Internal Rate of Return (IRR) actually improves. They will be using the surplus cash to save us shareholders from further dilution...

Helium One is currently in a rare window where two major milestones are happening simultaneously...

USA... First gas production and revenue (scheduled for before Dec 31).

Tanzania... Mobilisation and commencement of the ESP "Super Test."

The Result:...By early Q1 2026, the company will be a producer in the US and have a "commercial flow" proven in Tanzania.

Lots to look forward too here...

...Blubay, the amount actually accounts for more than just overruns:

Past Costs Reimbursement, HE1 had to pay BNL $1.5 million in cash immediately upon completion just for "past costs" BNL incurred developing the site.

Infrastructure CapEx, HE1 allocated $2.55 million for its 50% share of the plant and tie-ins.

Contingency/Fees:,About $1.18 million was specifically earmarked for fees and "development contingencies."

When you add these up ($1.5M + $2.7M + $2.55M + $1.18M), you reach the ~$8 million mark. So, the raise wasn't just for overruns; it was the total "all-in" cost to get to first gas.

This funding It wasn't meant to pay for Phase 2 upfront, but rather to build the "machine" that pays for Phase 2.

BNL did a much smaller raise ,AUD 3M because they were being "carried" by HE1 for the drilling. They only needed to cover their 50% share of the plant and any overruns above the $450k cap.

The change in October 2025 to a leasing model fundamentally changes the ROI argument you profess to be worried about in any case, so your concerns are out of date at best, disingenuous at worst...

@Blubay The costs were not split 50-50 from the start. Under the farm-in agreement, Helium One had a "sole funding" obligation for the first phase.

Surely you understood that?

The Buy-in Price: HE1 paid $1.5 million to BNL just for "past costs."

The Drilling Carry: HE1 was required to fund 100% of the first six development wells (capped at $450k per well).

I do find the kids acting out on here amusing. They really do confirm what the adults already think about them. If only they had the intelligence to communicate effectively, we could have an adult conversation...

If only LSE put integrity above advertising profits...we. might actually be able to have an adult discourse on this company and its prospects; instead we have to suffer the fools and the ignorant...

Still the FCA, OFCOM and Hill Dickinson LLP have shown an interest in tackling this poor behaviour...

@Broomtree I have to question why you would go to so much effort to twist the truth, misrepresent the facts and post such a long diatribe on a share you have clearly stated you have no interest in. The Lady doth protest too much...

All questions you could have asked Blubay had you bothered to attend the AGM...

All resolutions including Board membership were passed with an overwhelming majority just hours ago. Now stop demonstrating your stupidity here and think bout contributing to society...