Member Info for orslega

Listening again to that Donald Leggatt interview with LB on 22/2/2024 - link in top of this bulletin board. Note that this interview was 2.5 weeks after the RNS was released on 5/2/2024 "Itumbula West-1 well flows helium (4.7%) to surface" - so 2.5 weeks more to think about the results, and the message to convey to market etc.

LB, this is verbatim - at 6 mins in: not to labour the point again but she does seem incredibly confident - 2.5 weeks after the drilling results:

“........I think the other point here to put across is that we did things differently with this well. We tested the well we also had our own independent verification at site we had field PVT experts with their independent laboratory, so those samples that we’ve recovered from the downhill tools and the flow testing they were analysed at site they were extracted and measured under the reservoir temperature pressure and conditions so we are very confident what that 4.7% tells us and will yield us - we will be sending some samples off to the lab but we’re not waiting on the results of their samples in order to move forward with our next steps and I think that’s quite an important message to get across. We’ve already had that independent verification through the PVT work."

Next update is going to be very revealing!

No worries.

But the point is that the shares are listed on AIM. They have to follow AIM regs.

There have been plenty of TR1's in the past. Look at the previous RNSs, you'll see.

V111JAS - fyi - HE1 shares are listed one AIM - there is a requirement for TR1, if applicable.

ps the holding company is registered in BVI - those shares are not listed.

Pg 16 of last filed accounts summarises all HE1 share options at 30/6/2023 and exercise prices (so doesn't include the Sept 23 options issued)

https://www.helium-one.com/wp-content/uploads/2023/11/Helium-One-Global-AFS-2023.pdf#new_tab

Director options:

The 6.6p options were issued in Sept 23 - that was before the 73% dilution in the Dec 23 placing. So they also took a big hit on paper. On AIM we have all seen director options repriced after such a significant drop, so good that nothing has occurred here. Of course that does not mean it won't happen or they issue more down the line. Also note none of the options have vested yet - the first on third tranche vests Sept 24. Think we will know a bit more by then! Options are there to incentive management performable so if the update converts to commercial success no one will begrudge.

"Additionally, the board have resolved to issue 33,750,000 options in aggregate to Directors and management to subscribe for ordinary shares (the "Options"). The Options will vest in three equal tranches over 3 years commencing 12 months from the date of grant and are exercisable at 6.6p per share, being the 10 day volume weighted average price. These options will be subject to shareholder approval granting the directors authority to issue shares for cash which will be sought in due course."

rtain of the Options have been granted to Directors and PDMR's as follows:

Director / PDMR

No. of Options

James Smith

2,000,000

Lorna Blaisse

8,000,000

Graham Jacobs

8,000,000

Chris Eyre

5,000,000

Sarah Cope

2,000,000

Nigel Friend

2,000,000

Russel Swarts

2,000,000

They confirmed they were using Baker Hughes' Reservoir Characterisation Instrument tool in 8/1/2024 RNS:

This explains what the tool is used for: reservoir volume, pressure, productivity etc

https://www.bakerhughes.com/evaluation/wireline-openhole-logging/fluid-characterization-and-testing

So that explains why LB seemed very confident. Good.

Rollback pre drill - extract from the RNS 8/1/2024 below makes it very clear how they plan obtain their results and why now there is no immediate need to seek another second independent analysis. They will be pretty clear what they have and LB said as much.

"Following the drilling of the Tai-3 well and acquisition of valuable data, the two primary objectives of this well are to target and evaluate the fault system as well as the conventional Karoo play, both of which are anticipated to yield helium. Therefore, in addition to the conventional mudlogging and wireline procedures that were undertaken on Tai-3, the Company also aims to perform an open hole well test in both the fault zones and Karoo targets on Itumbula West-1. Whilst drilling, the Company will be measuring gas shows using Geolog's mudlogging services and a portable mass spectrometer.

Once the wireline logs have been run and evaluated, the Company will also have the option to take downhole samples under reservoir conditions using Baker Hughes' Reservoir Characterisation Instrument tool. The Company will be able to transfer and evaluate these samples onsite, as well as sending duplicate samples for laboratory analyses at a leading noble gas laboratory."

The issue now hopefully is trying to work out how to monetise the find at "the earliest opportunity". As discussed in this forum there will be quite a few options but after the December placing LB will imo be looking to a choose a path which does not hit LTHs again, who took a nasty dilulative bath. Of course it is the LTH support who have hopefully put the company in the position they are today. So maybe taking a leaf out of Noble's strategy - offtaker fronting the development costs; a good win win for shareholders. The gold hydrogen find is probably making any development plan even trickier, but nice problem to have. Not forgetting the uniqueness of the situation. Likely for them to need more time evaluate. Didn't LB say in one of the videos "we have to get this right".

This was 3 years ago - even so, still well worth a listen, a lot of background information. They were using $250 per mcf then in their valuation model - today nearer $600 per mcf, probably higher.

At 4 mins in he talks about the three planned prospect drills - production model etc He said if just one of those drill succeeds - by that he put it at just 6 bcf level - that one de-risked well alone would be worth $250M.

At todays helium rate - obviously more than double.

https://www.youtube.com/watch?v=lEfp3UCN20k

Rollback research while we wait for next update : before drilling Itumbula West Lorna explained why that adjusted location was chosen. Watch first 2 mins, that's enough. The interesting comment is "connecting faults" for the whole basin. Joint the dots, the picture could be a very big sweet one. No wonder she said after successful drilling in one of the videos that they needed to adjust their mindset to fully evaluate the data. Next update could be transformational for all involved.

Certainly it seems less active on trading this past few days - those now in are in for the result. Fingers crossed.

https://www.youtube.com/watch?v=soNLk0jANwo

Research - it is worth re-reading the 20/12/2023 RNS explaining the rational for the revised drilling relocation, very telling: it is clear that they found exactly what they expected at Itumbula West - plus the unexpected, gold hydrogen, a huge bonus.

"Itumbula West-A well: New prospect and revised well location

Following the positive drilling results from the Tai-3 well, and the increase in concentration and frequency of helium shows encountered with increased depth as well as the proximity to faults and fractures in Basement, the Company has subsequently reviewed the geology of the Itumbula prospect. It is bounded by a large, deep seated western fault which extends into the Basement source rock. It is this fault that is interpreted to be associated with the active surface helium seep, located approximately 3km from the proposed well location.

With the results from Tai-1/-1A and Tai-3 indicating that it could be the migration of fluids that play a crucial role in liberating the helium out of the Basement source rock and along fractures and faults. The Company has now elected to target the western bounding fault at Itumbula in addition to the conventional targets in the Lake Beds, Karoo and Basement. Therefore, the Itumbula well has been designed to directly target this new, additional fault play where the Company anticipates helium concentrations will be significantly elevated.

continues........The Itumbula West-A well provides an opportunity to drill a highly ranked prospect into a new fault play, as well as targeting the Lake Beds, Karoo and Basement play. The new well is located, ~3km from the active Itumbula surface helium seep, with helium concentrations measured up to 10.2%, as well as the presence of multiple surface helium anomalies which have been identified across the prospect from multispectral satellite spectroscopy studies."

Next update is going be very interesting.

Research:

Not forgetting the HE1 CPR update for the Tai licences which was commissioned after the Hannam valuation.

In May 2023 HE1 RNS, so before the current Itumbula West drill which has much more data:

Highlights:

· The deterministic sum of the unrisked estimates of 2U1 net helium prospective resources in the report is 2.8 billion cubic feet ("Bcf") and the deterministic sum of the unrisked 2U1 total gas prospective resources is 212.2 Bcf across the combined intervals of the Lake Bed Fm, Nsungwe Fm, Karoo Sandstone and weathered Basement.

· This demonstrates a 61% increase in the original resource estimate from the previous 2020 CPR completed by SRK Consulting (Australasia) Pty Ltd.

· The deterministic sum of the 3U2 net helium prospective resources is 7.1 Bcf in the ERCE report, which is a 30% increase from the previous 2020 CPR completed by SRK Consulting (Australasia) Pty Ltd.

· The deterministic sum of the unrisked 3U2 total gas prospective resources is 437.8 Bcf in the ERCE report, which is a 294% increase from the previous 2020 CPR completed by SRK Consulting (Australasia) Pty Ltd.

· These substantial increases are the result of more detailed interpretation of the additional 2D seismic data acquired across Tai in 2021, and the Company's improved understanding of the structural closure.

Here's the detailed report - some very good data here:

https://www.helium-one.com/wp-content/uploads/2023/05/230519_ERCE-Tai-Helium-Prospect-Report-FINAL-client-release-signed.pdf#new_tab

Research: Well worth reading the 30/6/2023 accounts - as published on 14/11/2023 - below is from Lorna Blaisee - her first CEO report - and obviously before drilling Itumbula West:

"In December 2022, the Company completed an analysis of its proprietary high resolution Falcon Airborne Gravity Gradiometry and aero-magnetic data over the Balangida Rift Basin ("Balangida") in collaboration with Getech. This work will lead to further helium gas exploration target generation in Balangida, widening the Company's opportunity in Tanzania. This same workflow was subsequently applied to a regional dataset over the Eyasi Rift Basin and has enabled the team to evaluate the prospectivity potential in both basins, after gaining an improved understanding of rift geometry and subsurface structuration.

Balangida has shown high-grade helium macro seeps enriched with other high-value noble gasses. Recent field work sampling showed 6.2%-6.4% helium and 2.0% argon. The study enabled us to increase our knowledge of depth to basement and sediment thickness whilst providing a greater understanding of rift geometry, basin evolution and subsurface structure to aid in future exploration programmes.

In May 2023 the Company completed an independent verification of the prospective resources of the Tai Prospect (Tai). The evaluation of the total gas and helium prospective resources, and completion of a Competent Person's Report ("CPR") for Tai has been carried out and issued by reserves auditors ERC Equipoise Ltd (ERCE).

The unrisked best estimate of helium estimated to be potentially recoverable from undiscovered accumulations ("2U") in the report is 2.8 billion cubic feet (Bcf) and the 2U is 212.2 Bcf across the combined intervals of the Lake Bed Fm, Nsungwe Fm, Karoo Sandstone and Weathered Basement. This demonstrates a 61% increase in the original resource estimate from the previous 2020 CPR completed by SRK Consulting (Australasia) Pty Ltd ("SRK").

The unrisked high case estimate of helium estimated to be potentially recoverable from undiscovered accumulations ("3U") is 7.1 Bcf in the ERCE report, which is a 30% increase from the previous 2020 CPR completed by SRK. The deterministic sum of the 3U prospective resource is 437.8 Bcf in the ERCE report, which is a 294% increase from the previous CPR referenced above.

These substantial increases are the result of more detailed interpretation of the additional 2D seismic data acquired across Tai in 2021 (from Phase II and Phase II seismic surveys), and the Company's improved understanding of the structural closure.

These results support the work completed by the Company's technical team and demonstrates our technical competency in prospect maturation and identification. Tai remains the best-defined prospect within the Company's portfolio and highlights the opportunity to maximise the economic potential of helium in the Rukwa Basin."

https://polaris.brighterir.com/public/helium_one/news/rns

Do the numbers - see slide at 18 mins

Revenue: 350,000 x $600 conservative (rate has increased from $400) = $210M less cost $20 x 350,000 = $7M = profit $203M per annum. CAPEX $50M recovered in 3 months...........extraordinary.

Do not post much these days, too much noise for my liking. But as I recently spent some time catching up on research - this is an excellent video from just over 12 months ago with ex CEO David Minchin. There is a lot of quality information here with clues where HE1 is heading. Even more so after preliminary results from Itumbula West. The business model outlined at 18 mins is potentially phenomenal. David is also very complimentary about Lorna's technical ability. It's 30 mins long so grab a coffee.

https://www.youtube.com/watch?v=CLhAwmGlCos&t=1822s

my tuppence worth.

keeping a close eye on developments with rrr, rarely post these days. can't be doing with the continuing moaning about losses many years ago, ****ging ab off the whole time, in fighting etc. what happened all those years ago happened, naysayers need to move on. i can hear them now, "we are only here to warn of the potential pitfalls investing here". well the points have been many times, very tedious and now monotonous - but aim by it's very nature is an extremely risky market and those who invest must decide themselves if it is for them. that includes a risk assessment if a particular ceo has the ability to execute. do date ab has a great set of assets, can these be converted? personally it looks close.

i am also not a great fan on of ab and have not invested here until very recently. but imo from where we are now the risk versus reward cannot be ignored. rrr have a tremendous set of assets and it is clear imo that something very good is starting to unfold - probably on a number of fronts. he is building a new team around him. right place, right time springs to mind. (the drc cash would be very nice but probably not essential if things pan out on other assets near term - but expecting this cash will arrive at some point - i like the way ab has approached this settlement, should bare fruit - gaining plenty of support/respect in difficult territories, bodes well for current and future rrr african projects).

so naysayers, either look at todays price as a gift from ab to recover all your losses (and probably a good deal more) and buy as much as you can afford (to lose) or leave this now to those who see the enormous potential. of course the irony is that it is because of ab why the sp is so artificially low and therefore why the risk reward is massive. no one believes what he says. now there's the opportunity, gift horse!

i have a good feeling that ab might actually very soon have a lot of fans! the roller coaster cycle of aim......

good luck to all genuine investors here who also see probably a once in a lifetime opportunity unfolding. i'll post again when we get to 1p, shouldn't be too long, imo of course. but on the other hand if i lose my investment, that's down to me not ab.

Tomco/Valkor/Greenfield do not own any rights to the CORT technology or plant designs etc. All rights vest with Petroteq. That was clearly spelt out in the original licensing agreement:

“ The License will allow Greenfield to use Petroteq's oil sands technology, which includes Petroteq's processes for the recovery of oil from oil sands, patents, other intellectual property and know-how, in any future oil sands plants built by Greenfield in the United States. The License also clarifies the ownership of any intellectual property developed as a result of the POSP upgrade and associated trials or otherwise developed by Greenfield in the future. Any such intellectual property will be the property of Petroteq and pursuant to the License, Petroteq will grant Greenfield the ability to utilise such intellectual property, together with any additional intellectual property developed by Petroteq, in accordance with the terms of the License.”

https://ir.petroteq.com/news-presentations/press-releases/detail/366/petroteq-energy-signs-non-exclusive-multi-site-license-for

....where has it been published that it was do with US security?

That is of course the general speculation but is there any evidence to confirm? Bearing mind also that Viston used the two of the biggest law firms and CFIUS renown experts. So are you saying they got it wrong (the risk being identified from the outset as CFIUS was a condition of the offer to be met), not least Viston paying millions of legal fees along the way. There is likely to be more to this - one day we may fully know reason. Maybe the annual CFIUS published data may give clue.

Viston withdrew from the offer because the main condition of their offer was not met ie the CFIUS application was rejected:

"Viston and the Offeror have withdrawn the Offer following an evaluation of recent developments in connection with the Offer, including, without limitation, the rejection by the Committee on Foreign Investment in the United States of the joint voluntary notice submitted by the Offeror and Petroteq in connection with the Offer. As a result of such developments, Viston and the Offeror concluded that several conditions to the Offer (as restated in the Offeror’s Fifth Notice of Extension dated July 22, 2022 under the heading “Conditions of the Offer”) are incapable of being satisfied or are likely to be unsatisfied as of the scheduled Expiry Time of 5:00 p.m. (Toronto time) on September 9, 2022."

Why it was rejected has never been made public.

HL have issued this:

Important information about your Evraz Plc investment



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