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I have just been looking at the number of outstanding warrants and considering the potential impact on the share price. If the market cap achieves say £100m, based on the current shares in issue, the SP would be approx 29p. If all the outstanding warrants are redeemed, the SP would be approx 24p.

Whilst I clearly prefer the higher value, I can live with the reduced figure.

I have excluded the first 2 tranches of warrants (9.35m) since the exercise price is 8p and the expiry dates are 27/10/25 and 23/05/26, but after the DFS is produced, who knows what the SP could be.

STM - I agree: "imminently" has a greater degree of urgency to "shortly".

Being generous, perhaps the author did not consider the difference; alternatively, there may be a problem with the testing procedure / lab.

STM - I am going to have to start to follow your predictions:

"There must surely be something out tomorrow after today's activity?"

Https://www.londonstockexchange.com/news-article/HEX/directorate-change/17162888

It appears to me that the share price is drifting as a consequence of uncertainty about the Inez well results. Regardless of the Inez results, I believe the SP does not reflect the more certain value of the Northern Dome. My personal valuation of the Northern Dome is as follows

- there are 3 proven wells capable of producing $4m of revenue pa.

- there is potential for additional production wells in the Northern Dome

- allow for 4 more production wells producing a modest $2m of revenue pa

- total annual revenue based on the above parameters: $20m

- using a PE ratio of 4 (start of production), estimated SP: £0.43

- using a PE ratio of 6 (established production), estimated SP: £0.64

For the optimists, factor in success and development at Inez and then Ingomar, followed by liquefaction.

I follow the discussion on this board and only retain a modest investment because of the potential of Disko, but when I read the following words, my faith that something will be delivered diminishes:

"The Company hopes to make a further announcement on this in due course."

Here is the interview link:

https://thatstocksguy.substack.com/p/blencowe-resources-0d3

A very positive interview with Charles Archer. Key points for me:

- assay results as they are received

- JORC update

- progress re offtake agreements, including UK - "close to putting something together")

- top quality resource with straight forward processing

- production flexibility to meet increasing demand

- (as previously noted) DFS at front end of Q4 2025

- exploration licences held offer potential to increase resources, if required

- open to looking at a decent offer; I wonder what that would be?

G_G_G: I have posted a question requesting an update on the clean up operations.

Whilst I still believe there is significant potential at Topaz, confidence in a company can be fragile in the absence of relevant and timely communication. Delivering milestones is critical to the success of any project; if there are delays, which occur on most projects, then explain what is happening. I probably would be more relaxed about the situation if the clean up and EWT's had not already been delayed.

I agree; very good interview; link

https://audioboom.com/channels/5064437.rss

1:03:30 to 1:21:00

OF interview with the Sunday Roast team:

https://audioboom.com/channels/5064437.rss

Can somebody help me here; what is the relevance of this video?

All I took from the video was:

"While other companies speculate about mining helium on the moon, Pulsar is already closer than most! They look forward to updating the market with news from Topaz in the coming weeks."

Rather than posting videos such as this, I would prefer to see updates about the well cleaning and EWT's. Mid July was the target start date, after the previous delay. I would therefore appreciate a material update.

Since it is 7 weeks since SPS was granted to GROC, I decided to look at another project to identify the timescale between the granting of SPS and a funding announcement. The one I came across was EMH which received USD 36m, subject to milestones; the grant was awarded 5 weeks after SPS was granted.

It is therefore my hope that a significant and positive announcement is imminent.

Since LSE seem to be slow this morning, here is a link to the latest RNS:

https://www.londonstockexchange.com/news-article/HEX/operational-update-at-inez-1/17151481

"We are pleased to update the market on continued progress at the Rudyard Field project. Wireline results from Inez #1 look extremely encouraging with clearly defined gas bearing reservoir intervals in the Souris and Red River formations. Importantly, the wireline characteristics are similar to Linda #1, which is located two miles to the north in the same Field. While log correlation does not guarantee similar test outcomes, it provides a basis for further testing ahead of planned flow and gas composition testing at Inez #1."

A steady flow of significant buys today. It will be interesting to see the opening price tomorrow.

Hazbeen - I agree that the potential market is huge. With the latest news re progress towards its use in ICU, I am revising my estimated SP, up of course.

There will come a point, hopefully not far away, when there will be a major announcement that will boost the share price; until then, I think there will be a gradual overall increase in the SP.

I am here for the long term so minor fluctuations in the SP do not concern me.

OBI are certainly pushing their messaging. Whilst the market seems to be waiting on the FDA decision, there are some interesting points in the announcements:

• “We believe that size of the ICU market is at least as large as the pre-surgical decolonization market. Steriwave offers a resistance-free, rapid approach to reducing infections and improving patient outcomes”

• “ Steriwave currently stands as the only antimicrobial proven to eliminate a broad range of multidrug-resistant pathogens from the nose within minutes, without fostering antimicrobial resistance."

• "As stewardship initiatives lose funding, our technologies provide a scalable, rapid solution that reduces healthcare costs, improves outcomes, and protects society against the rising tide of drug-resistant diseases."

G_G_G

I agree with your observations. I was taking a very simplistic and conservative view.

If flow rates and concentrations match or exceed the values we are discussing, the next major step for me will be to establish the number of potential production wells. For comparison purposes, the area of Helix's Rudyard field is similar to Topaz and it has been suggested that Rudyard could support 20 production wells.

I, like you, will be very interested to see if the reservoir thickness at Topaz can deliver something special.

One other point worth noting is the change to the potential production date; in the recent Gasworld article it was suggested it could be Q4 / Q1 2026 compared to the 12 - 18 months after FID suggested in the interview with TAJ on 24/01/25.

An updated presentation has been released; there is plenty of information to digest.

https://wcsecure.weblink.com.au/pdf/ARV/02969321.pdf