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Halo Capital will source funding, they do not use their own capital. Penspen are happy to sit alongside them so I will trust their due diligence.

Below is the experience of Halo Capital's Chief Financial Officer.

James Peers

CFO

James has 20 years experience as a seasoned CFO, leading financial strategy, fundraising, and transformation across private equity backed and growth stage businesses. With a proven track record in raising capital, scaling finance functions and delivering investor ready reporting in infrastructure, services and sustainability-aligned sectors. Leading strategic finance projects for £100m+ revenue companies, including a Sun Capital backed transformation. Former Group CFO across multiple PE-backed firms, driving M&A, debt refinancing and multi-year modelling to support growth and investor returns. Brings deep expertise in structuring project finance, aligning with ESG goals and securing capital for clean energy and infrastructure initiatives.

Of course the funding is not there yet but I am much happier that Halo are working together with PensPen consultants who manage Global projects in over 50 countries and have 1,300 staff in this country alone, they are well established and are proven.

This was the point of my posts yesterday in that PensPen are Global and oversee many huge projects incl Water Purification Plants in the Middle East and Africa, these are massive constructions in size, look like oil depots, so to oversee 2 pre-drilled wells is easy peasy. Working together they will sort out the funding and logistics and move it forward imo.

atb.

ART, joking apart I e-mail Violet Wilson of Camarco, the PR people of Georgina and she puts my enquiries to A H and I get an answer back on most occasions.

ART Exactly mate, Halo was named and as PensPen is now linked to Halo A H probably didn't deem it necessary to pay out for another rns, it reads very well, PensPen 71 years established, a Global player securing consultancy contracts worth £400m this year alone with a 25% company growth rate,

Personally I would have shouted it from the roof tops, it might just be A H is waiting for the final permit news to address numerous updates included within it.

Fingers crossed.

atb.

Oops, A H did state on more than one occasion that Georgina had signed a non - exclusive MoU with an OFF-Taker, he just didn't name them.

atb.

ART, A H did state on more than one occasion that G

Stevey80, apologies didn't see your post, was not copying the small amount of shares in issue, totally independent of your comment but just re-iterates that point of tiny amount of shares in issue, a MarCap of less than £150m will give an sp of £1, that MarCap if we prove up £100bn + assets will be peanuts.

atb.

Sir H, I agree we need permit issued, I do believe A H will announce within that RNS the scope of works will be getting underway, road / airport repairs / well pad construction / rig delivery contract etc. This share peaked at 25.5p a month after RTO until T W's rhetoric.

For a small cap company we have a tiny amount of shares in issue, even with warrants we will still be at 140m ish, most companies at our stage have several billion and even 10 billion plus. If institutional investor buys come in the tiny amount of 'free float' will be hard to contain the sp, mm's will have to encourage sellers with a very attractive sp, it may be that they have to 'let it go' or even re-rate in an instant at the start of a day. to avoid manipulation.

That scenario would be on helium coming to surface at a decent % concentration, 5 - 8%, and signed contracts with selling at the well - head, not on permit news, although that could be the start of a steady rise for the sp.

We are not there yet and nothing is guaranteed but we are further ahead than we were knowing permit can be signed off, probably sitting in someone's In - Tray!

atb.

The Mou's with the Off-takers are non exclusive, this means if the drill successfully flows helium then other interested parties can approach. A H did talk about a Dutch Auction if there is enough interest. National significance is being bandied around, A H needs to get the PR right and ensure that if the enormous volumes are proven up that it makes it on to Aussie national news, that wouldn't be difficult to arrange.

Remember It was John Heugh who approached A H & M W not the other way round. John was the Founding Director of Central Petroleum, the largest oil company by acreage in Australia. He saw drill after drill with Central Petroleum hit helium and Nat Gas when it was oil that was wanted, hence all the abandoned plugged wells. John stated it was something he thought about for many years and was surprised no company had gone down this route. He must still be on touch with Central Petroleum, certainly if he called they would pick up the phone. My point is I expect some decent sized companies will be watching the outcome.

atb.

Yes

Global engineering and energy services consultancy Penspen has announced record-breaking performance in the Middle East & Africa, securing project management consultancy and engineering contracts worth more than $400 million so far this year. The business has delivered around 25% annual growth, fuelled by a deliberate strategic focus on the Middle East and growing momentum across Africa.

The latest contract awards – spanning upstream and midstream oil & gas, greenfield developments, brownfield redevelopments – underline strong regional demand for Penspen’s engineering, project management, and asset integrity expertise. While the vast majority of individual client names remain confidential, the scope includes major national oil companies (NOCs) in the Middle East, with projects covering both onshore and offshore energy infrastructure. Record year for regional expansion

Penspen’s UAE office is now its largest worldwide, with more than 850 people – 22% growth in the last year alone. Meanwhile, its Al Khobar and Al Khafji project offices in Saudi Arabia have surpassed 130 staff since opening in 2023. Across Africa, activity has also accelerated with upstream, midstream, downstream, and new energy projects awarded over the past three years.

Neale Carter, Penspen’s Executive Vice President for Middle East, Africa and Asia Pacific, said: “Our incredible growth story is a testament to the dedication and focus of our talented employees, who ensure we deliver upon our commitments to our valued clients.”

My comment: I somehow think that overseeing re-opening 2 pre-drilled wells might not be beyond their field of expertise! :¬)

Halo Capital

Halo Capital is an infrastructure investment and development company focused on investing in,

developing and operating large scale infrastructure projects within logistics & distribution, water

purification, data centres, natural resources and grid scale energy generation assets throughout the

UK, Europe, Africa and Asia Pacific (APAC).

Halo Capital are committed to delivering sustainable natural resources and energy solutions that

power growth and prosperity.

Penspen

Penspen designs, maintains, and optimises global energy infrastructure to improve access to secure

and sustainable energy for millions across the Middle East, Africa, Europe, the UK, and the US. With

more than 70 years’ experience in engineering, project management, asset management, and

integrity services, Penspen now employs over 1,300 specialists with offices in the UK, UAE, Saudi

Arabia, Latin America, and the US.

Penspen is part of Sidara, a global collaborative of 21,000 professionals across 60 countries offering

specialist services in design, engineering, project management, sustainability consulting, and energy

innovation.

Been reding up on Penspen, very impressive and slick website:

About Penspen

Penspen is a leading global energy consultancy company. Our teams design, maintain, and optimise energy infrastructure to improve access to secure and sustainable energy for communities worldwide. We help meet the world’s evolving energy needs by providing consulting, project, and engineering solutions across the entire energy project lifecycle. For 70+ years, Penspen has served energy clients with over 15,000 projects in more than 100 countries across the Middle East, Africa, Asia, Europe, the UK, and the US.

Penspen works with a wide range of clients including many well-known international and national oil companies, utilities and infrastructure owners. We differentiate ourselves on the technical and operational quality of service which we deliver to our clients and partners. Also, we have no ownership ties to operators, contractors or suppliers, and therefore provide a truly independent, best practice service.

From memory I remember A H stating that they had commissioned an aerial survey, basically an aircraft flies over the area and uses electro-magnetic pulses to penetrate / scan subsurface which highlighted an anomaly which data suggested was a domed gas reservoir or words to that effect so this does add weight that it is down there, and as i stated yesterday operators nearby have encountered gas at 6,000 psi so it should flow to the surface, i believe A H has requested a BOP that withstands 10,000 - 12,000 psi.

atb.

The upgraded volumes of He, Hy & NatGas from Aug 25th RNS are staggering. Helium expected 430 bcf Hydrogen 432 bcf and 3.76 Trillion cuft of NatGas. The current US price for 1 trillion cuft of NatGas is $3.9bn which would come in at $14.68bn. That's for the US, in Europe it is up to 3 - 5 times higher, so the NatGas alone will be in the 10's of $bn's.

430bn cuft of Helium comes in at $167bn, these are telephone numbers.

It will not all come out of the ground in one go, obviously, nor will Georgina get 100% of the 'retail' price but it could be an equal 50/50 split with the off-taker. Even 1/100th of the above (He & NatGas) would give Georgina $2bn NAV.

Of course the drill has to be successful but previous drills in the same basin have had pressures of 6,000 psi, in laymans terms if you put 1 square inch of helium gas on weighing scales it would have a downward pressure of 3 tonnes, therefore i suspect if it's there it should flow to surface!

Just needs to be there, simple as that.

atb.

Even when all warrants are exercised the total share issue is approx 147m. A MarCap of £147m would therefore give an sp of £1 per share. Is that a realistic MarCap with potential assets of $100bn for both Hussar & Mt Winter combined, I think it is. It leaves a lot of room for a healthy Dividend once revenue is established.

Also the figures that baldhippy quotes have been upgraded, we have nearly 4 Trillion cu.ft of NatGas which on its own, without He & Hy, is huge and commercially viable.

For balance I think the drill will not spud until early next year (mid Q1) due to the road repairs, airport repairs, well pad construction etc but a lot of updates on progress between now and then, and a 50 day drill should make it a happy Easter / early Summer for those invested.

atb.

Pompey, yes agreed, all we can do is wait and it's difficult sitting on hands but there's nothing else any of us can do, it all rests on the permit and none of us not even A H has a say in that, all down to DMPE Let's hope news is sooner rather than later. atb.

Drills by Tier1 oil companies,(Shell, BP incl )circa 2004 encountered helium, they were looking for oil and abandoned wells when oil was not present.

Brentw1, if the drill does not go ahead you will be correct. Even if it does it may not be successful, that is the nature of mining. I just question why all the preparatory work, certainly with the permit, which we can see on the DMPE website, if once granted Gex do not continue as intended and repair road / airport, construct well-pad site, secure drill rig etc.

Doesn't mean it will be successful, but i do believe it will go ahead, the outcome is not known.

atb.