Member Info for Rambo23

Degsy - UKOG shareholders can’t be too happy about 3 placings in less weeks and yet more dilution. Management of both companies need to appreciate that this approach goes down badly with shareholders. It simply doesn’t give you the confidence that once a placing has been done that they have enough money!!!

Degsy Almond I think costs mentioned previously were circa $20 a barrel. Don’t hold me to that figure but I wouldn’t factor in full oil price to reach a net revenue number

Dsfat I have put forward a question for Thursdays conference call asking for clarity on any revenues from EWT. I have asked if it is expected these are to be kept in HHDL for working capital / dev or the collective can withdraw them to use elsewhere in our case progressing any of the other projects. I ask as if the answer is yes to the first point but no to the second then George will likely be out with his begging bowl again soon for one project or another. Personally I think it’s likely any collective revenue from EWT will stay in HHDL as working capital and progress development. Let’s be clear about this as it has ramifications for everything else outside HH. George needs to make clear how far the current cash pile is expected to last but typically is unlikely to provide that visibility and keep doing placings to dilute our holdings. At least give us the opportunity to take part for any future funding requirements and don’t mug us off. Ps I put you forward to go drill some holes in Greenland this field season to help George out. Get your bucket and spade ready. Enjoy! ;)

UKOG raised another £5,000,000 via institutional placing at 2p today.

DegsyAlmond out of interest which level 2 provider do you use? I assume you are using one to see the Nex pricing ??

Just picked up another 1.7mm at .335 Average now .28 Onwards and up!

Note there is no ‘on time and on budget’ wording in the opening sentence anymore. Deliberate Change of wording here? ...any cause for concern when it goes into say ‘The fully procured and financed capital estimate will be provided to the market once binding financing commitment letters have been executed’ Could this possibly mean we might have a cost revision upward? Would expect a decrease if Redcar option provides existing infrastructure etc

Hi Whatsoccurring,

I don't think the fact GF is a director of HHDL means he can't do better on the PR front. Stephen Sanderson the CEO of UKOG is in exactly the same position and has no problem beating the drum for UKOG who gain a lot of focus and had a doubling in there SP this week. GF was also executive chairman of ALBA prior to any board position at HHDL. He also has many more assets to manage and ultimately responsible for so he needs to do better here as it is not all about HH.

I do believe that whilst the market cap of Alba is so small many PIs and analysts will simply pass it buy and say its too small and risky as it has an 8mm market cap and that is enough reason for them. However it's becoming clearer there is an arb opportunity vs bluejay and ukog and has great upside potential. UKOG was £40mm mkt cap only a week or so ago and now it's nearly £100mm. Over 50 and its on more peoples radar for sure and over 100 more so.

From the videos I have seen of GF he is not exactly the most natually exuberant person which a PR machine would otherwise benefit from but he is the man on point and we will have to back him, his skills and experience for now even if he doesn't know it all. He has a vested interest here so I think we should give him the benefit of the doubt for the time being but hold him accountable to the messages he sends and if he becomes misleading etc..

One question I will be sending in for the call next week will be.

'GF What is the agreement/ arrangement for any revenue generated by the sale of oil during the EWT phase for HHDL? Is there a requirement that these funds would be kept as general HHDL working capital/ spend on dev e.g. additional sidetracks, maintenance etc or will revenue be paid out to the HHDL shareholders? Two very different things, where I'm going with this is does this mean that we should assume any revenue from the sale of oil in the EWT will not be available for Alba to develop its other assets and will therefore be solely reliant on future fund raises to support those actviities?'

On another note and just a suggestion whatsoccuring but calling people wrist merchants and using a patronising, semi hostile tone in many of your messages just because someone says something you don't want to hear is hardly necessary. Everyone on here has different levels of knowledge and experience and perhaps from time to time people will take the time to respond to your questions and you may even be surprised so I recommend treating people like you would want to be treated yourself. squabbling and causing rifts on here benefits no one.

Let's see what happens next week. I'm still a buyer at these levels.

Hi Whatsoccuring,

Re my first point I was only implying that if shareholders on this forum don't understand something they are entitled to put something out there to aid their knowledge gaps to those that might be able to help them.

I agree shareholders don't and won't explain why they have invested but discussing here the possible rationales to offer a possible view/ understanding might help someone else on the chat get a clearer idea.

George has offered us an opportunity to raise questions with him so we should send them in as he will decide what he will and won't answer regardless of what we want. Personally it's not unreasonable to ask him about the second fund raise and confirm what the money is for and if that completes funding requirements for 2018 instead he said nothing.

My other points were only to add some factual context on the spread betting front to be helpful. I think people assume the worst and spread bet = always going short so hopefully my points reassure those that in this case it may not be that simple. Like I said there is limited downside here at these levels so it personally does not worry me.

I agree the PR machine is rubbish here as there is a lack of transparency on key issues here i.e. TBS is this 2018 or 2019 big difference and he already knows the answer and there is only so many times you can get the begging bowl out before investors say enough is enough.

Personally TBS is the main reason I invested any positive oil news is a bonus as TBS is far more reliable than drilling for oil that you can't easily measure when you can already look at the beach next to bluejay and see mountains of the same product! I have been long in Bluejay since 10p and they are close to ticking the necessary boxes to get the exploitation license and doing the feasibility study which if all positive will aid alba cause massively and offer a decent upside.

Let's see what GF has to say next week and hopefully it won't all be fluff or whats the point of the call. He is quite a boring person to listen to and lacks enthusiasm so I hope he works on this.

Hi Whatsoccuring,

Not everyone understand spread betting and for those that don't it's not unreasonable for them to want to know why a large chunk of their company is owned by a firm like this.

I have had some experience with spread betting and I personally believe there are lots clients that have gone long on this (the downside is so limited it's hard to see why you would bother vs the upside potential here) and the only way they can settle those bets is to have something to sell hence I believe they have a decent position. I also know that for months IG index has not taking ANY new long or short orders and you can only close existing orders which were open months ago which would suggest a liquidity issue or risk tollerance limit for them. Separately Spreadex you can still go Long but not short and only over the phone i.e. So my assumption is there are long bets open for a decent sum of money, not enough liquidity to allow new orders in IG case and for spreadex who will take new orders but might limit them they require physical shares to manage their risk/ provide some liquidity for those long positions when their clients want to close. That is just my view but some of that is fact based and accurate as of today.

Dsfat Make sure you remind him of the exact size of the Spreadex position here no small clip!

I agree Yanis. On TBS they implied this year and soon then they said they might require another field season...which is it? It can’t be both. Bluejay took months 5-6 after a field season to do this so is it 2018 or Q1/2 next year! Very big difference when you mention TBS JORC in early RNS of 2018. Another question should be what was the second fund raise cash for and will Alba have enough cash to see it through 2018??? He needs to do more on this front or it’s just more dilution esp when we don’t get the chance to partake!

This is our opportunity to email GF questions to answer on that call. Don’t hold back!

Thanks Krull that makes logical sense. If they go through this sequence as planned I guess the expectation would be that quite early on through the various tests they will know if this has enough pressure and flow rates to be commercial or if it’s a dead dog. Then as per Jacksdad determining the size of the well becomes a major factor as without the pressure you can’t naturally extract the oil but then some real numbers can be put together for the asset. Any eta on when we would get a view on how much recoverable oil is down there? I assume we get flow rates confirmed as we go through the 150 day tests as per RNS but the size of recoverable oil numbers months later?

What is the view in this sequence? I thought they already had choked back results and the primary aim here was to do a 30 day well test with no choke to see what the volume is that gets pumped naturally. If not the case, how many days need to be run for each test in the sequence specifically the long run to qualify as being acceptable for commercial viability? What is the industry norm here used on other wells? Each test sequence will include a short, optimised rate test, together with a sequence of "choked back" (i.e. reduced) steady-state flow periods necessary to obtain the data required to determine the connected oil volume within each zone. A series of associated long pressure build up tests are also planned

Hi Yanis2005, I don’t disagree which is why when George says we plan to produce a JORC he needs to be asked these specific questions. It took Bluejay over 6 months after the last field season just to process the resource upgrade. Therefore given Alba did a small scale field season with very small bulk samples last year he surely must know and should communicate if another season ie this coming one is definitively required to do the initial JORC. The fact he hasn’t means I think it’s likely he can’t produce one now and needs this season which means we could have to wait until 2019. More accountability required by management for sure as we still have no details about the second fund raise recently!!

George has said a few times a key factor in progressing TBS value creation is the completion and outcome of the bluejay feasibility study which is part of the box ticking exercise required to get an exploitation licence and therefore closer to monetising their product. The assumption at the moment is Alba have a high quality resource (I find it hard to believe would be drastically different to Bluejays given it’s basically the same beach and the initial Alba results) and need to provide a JORC initial resource estimate. As Bluejay are due to complete the feasibility study in the coming months and effectively demonstrate its proposed mining operation is practically and economically viable this will surely provide some confidence that what Alba has here is a similar asset but at a bargain price. Additionally all the research, analysis and options available for Bluejays operations will be available for people to read in this feasibility study. This is a huge amount of work that bluejay is paying for that Alba will most likely benefit from when they do any feasibility study in the future no bad thing. As stated before Alba may not have enough data from the last field season to do a JORC soon but let’s see if they surprise us. Worst case the bluejay feasibility study comes out first which should generate further interest for Alba. Unlike the oil plays where there may or may not be oil each time you drill a hole you only have to look at the beach Bluejay has and see the proven resource for your own eyes. Take a short stroll down the beach to Alba and what’s changed? Not much...TBS has huge potential for these reasons alone. I have my wheelbarrow at the ready and they can fill it up with cash!

Hi 25wbh I doubt it is to do with the Align research report as the report I read from them was dated 2nd April 2018 so it is not new and was reposted I believe.

Given it took Bluejay approx 6months or more to deliver the latest JORC upgrade recently I would be surprised if Alba can deliver one in 2018 when the field season is still to kick off and interestingly in one report they indicated they only recently started looking at the 2017 50kg bulk sample they took end of last year. Personally I believe they need to do a proper field season with lots of drilling and deeper than the shallow drilling they did before plus take bigger than 50kg bulk samples which let’s be honest is enough to fill a few handbags and nowhere near enough to be particularly useful given the scale of the licence area. Then they should be able to deliver a proper JORC resource estimate which I reckon will be Q1 Q2 next year as it appears the processing and analysis is the time consuming factor but the sooner the better. George has been coy on this as end of last year they suggested a JORC would be early 2018 but it’s becoming more clear they need another field season to get all the data they need. I hope I’m wrong but I’m invested in bluejay and alba and given how long it took them to get to the next level we might have to be patient but it will definitely be coming. If HH fails to deliver on expectations in the near term I think TBS is proving to be massive prospect given the success of bluejay which basically has the same material. Bought more this am!

29 May 2018 Bluejay Mining plc ('Bluejay' or the 'Company') Statement re Media Speculation Bluejay Mining plc, the AIM and FSE listed company with projects in Greenland and Finland, notes the recent speculation regarding a potential fundraise by the Company. The Company would like to confirm that it is not actively considering a fundraise, whether through debt or equity, at this present time. Whilst it is likely that Bluejay will require additional funding at a future date, the Company's current cash balance is in excess of �15 million and Bluejay remains focused on the development of its Dundas Ilmenite Project in Greenland ("Dundas") with the 2018 fieldwork programme due to commence in June and run through to October. A comprehensive update on the Company's activities was announced on 22 May 2018. Ultimately it is the Company's strategy to secure an offtake partner and commence commercial production at Dundas in the near term in order to create a company capable of self-funding exploration on current projects and future acquisitions.