Member Info for Skippysb01

40% up in one go is a lot and the market won't want to get ahead of itself. Lots of 10-40% profit trades from those who bought last week.

The poor comms and being in with noble has impacted the SP a lot. Without all that we could perhaps have expected our start point today to have been in the 7s and then + 40% on todays news.

Well said. Someone had to.

Is it NT to buy yet?

I think more importantly there is absolutely no reasons to raise funds ahead of drilling and now they own a rig for several drill beyond that should that turn out to be the right thing to do.

In hindsight Friday's RNS was objectively terrible. How can they write that on Friday and then this today. The fact that Fridays RNS was just a panic response to noble news isn't good enough. They should have kept quiet until today IMHO. Friday would still have been awful but apart from us LSE posters ranting would it really have mattered?

Anyway it\s beyond us now but leaving themselves open to investigation IMO not too clever.

I wonder if we will get another Lorna interview this week?

This is a great position to be in especially if you bought shares last week.

However to my mind it would be madness to plan to leave my full investment for drill results. Each to there own but lessons learned and all that. I'll plan for a few sell points along the way but will leave some in for the chance of a discovery too.

Well give it a chance today. You might be right. It's all about positioning for the spud and then your strategy for realising value and managing risk from that point.

I do think this all shows how damaging going into a partnership was overall. Would have thought that we would have had a better SP starting point this morning if we not got in with noble.

Still it's fantastic news. We might get another push on the SP today/this week. Plenty of time to get in before September so that may temper things a bit too.

Lorna said when they announced the LOI and partnership, that HE1 could still go it alone if they needed to. That's where they are now. Action via the rectification notice to Sofori. So most likely we either get Sofori or the Mariott rig and still drill in Q3 or at least before the rainy season.

Clem - 'I have no doubt that the cost sharing deal was proposed by Justin Wood and first DM and then LB were in thrall to this fast talking Oz.'

How do you know this. It sounds like fantasy to me but happy to be corrected.

Fact is nothing has changed. HE1 are still working to secure a rig and have at least 2 irons in that fire. Moving away from noble is great as it will stop all of this twaddle based only on what noble say and do.

Maybe the items to rectify are not that fundamentally challenging? Maybe it's really very close to being done?

Who know's but if HE1 can get the Sofori rig shipped in the next 4 weeks they are still likely to spud before noble. SO I can see good reason to try to get it over the line.

HE1 were forced to RNS today because of Noble. It doesnt mean HE1 can't progress.

Don't get me wrong. The lack of comms has been dreadful, but comms won't make or break whether or not HE1 spud in Q3 and neither will whatever Noble do.

Indeed. The Mariott rig offering is exactly the same model I think...

Dai. I reckon that Exalo had terms with the incumbent company that they had to stick with it until job done. So they likely had no choice but to sever the LOI with HE1.

LOI might be non binding but it doesnt mean you can't sue for pulling out in certain circumstances - like if HE1 forced them to spend money on getting the drill ready in good faith.

Even more likely that HE1 know they can still get to spud earlier if they stick with sofori and sofori deliver. Noble ran out of time because they were at the tail end of that arrangement and time is up for them to get a Q3 drill with Sofori. HE1 still have about a month to sort this.

I wonder when the rectification notice was issues by HE1 and how long they have given Sofori to respond? Note they had the lawyers advise on this.

We may get more news on that next week.

Porky ' if your supplier is not fulfilling obligations under a LOI why isn’t Lorna looking for an alternative rig supplier and simply saying, forget legals and all that crap, unless you can confirm you can meet obligations by x date we are going with an alternative? '

That is exactly what the rectification notice mentioned in HE1's RNS today is.

Noble announcement also says spud in September. It takes longer to get the Mariott rig to to Ruqua than the Sofori rig - IF the Sofori rig can be ready to ship in the next few weeks.

That to me is why HE1 are still allowing Sofori to get ducks in a row.

This was already somewhat baked into the SP. Certainty on the rig is worth north of 10p.

Just because an LOI is non binding it doesnt mean there can't be any consequences from pulling out of it. Perhaps HE1 have forced them to incur costs under the LOI and preparation of the drill? That on it's own could be grounds for a claim.

So it's right to formally request they do the work and then make a decision based on how they react to that. It's not like they have never drilled before so as a going concern sofori will have some skin in this still and want to make it happen.

Don't get me wrong - I like the certainty that noble have today but they had a forced hand because going second with the safari rig meant they had ran out of time on that.

I think this 'stabbed in the back' stuff is fantasy. You have to extrapolate of lot of negativity from the actual data available to get to that conclusion.

This is all just process. Process to identify suitable partners, process to get contracts in place, process to get drills to site. Noble ran out of time for the Sofori drill and had to act. HE1 still has time to sort a rig. Nobody stabbed anyone in the back.

I'm also not sure why you think the chances of securing a rig or slim. There is a clear option in todays RNS with company already supplying a drill to the area.....

Lattore. I have a much simpler view. If we hadn’t gone into that loose partnership with noble we would still just be waiting for an update on the rig and having a good old mumble about the lack of comms.

I expect we will secure a rig and drill in Q3. I ask myself why they haven’t binned SOFORI? I have no idea but can tell there is more to that than meets the eye. Clearly, considering noble would have been a secondary party in the arrangement to drill second they ran out of time and did the right thing to them in a binary situation. We still have a month to secure a drill.

If you read the noble announcement it suggests to me they were willing to bring HE1 along with the Marriott drill but HE1 chose not to do so.

If we secure a drill on our own I’m in a better place with all this. IF.