George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Just for completeness, now that we have "discovered" the location of Itumbula-1 I thought I'd just summarise the area and the geology.
This is the overall area in relation to Itumbula, the salt works and Camp Rukwa, showing seismic and ERT lines -
https://www.flickr.com/photos/194934344@N06/53177414148/in/dateposted-public/
Legacy line TVZ-05-R, which is the white line running SW to NE across the image is important, as in the Admission document it was this line which formed the basis for the illustration of Itumbula geology, and possible well sites, here -
https://www.flickr.com/photos/194934344@N06/53173631551/in/dateposted-public/
Helium One are principally targeting the Karoo with this well, and drilling to 800M, so the well could look something like the left well of the two illustratedon the right side of the image, although that goes slightly deeper to 1000M+.
TVZ-05-R actually extends far South of He1's licence area, as shown in the example well location plan, all the way to the BMF forming the Western boundary of the Rukwa basin, the BMF's being the beloved hunting grounds of Noble, so a discovery at Tai and/or Itumbula could lead to a stampede to snap up those potential licence areas which lie presently outside Nobles and He1's licence areas. You can still see the tracks of TVZ-05-R and the other 1980's seismic on GE 40 years after they were created. clearly He1 also believe in the BMF plays as a well is shown there at Kasuku, even if it is far outside He1's licence area.
Quite why Itumbula has 10.2% helium and Tai 2.2% (I think that was the highest measured at Tai-1) I'm not sure, but the 10.2% figure has been well established for many years, and don't forget DM did his "Attenborough" style video from within the lake in 2021.
This is a close up on the Itumbula-1 well site from GE, obviously pre dating present activity -
https://www.flickr.com/photos/194934344@N06/53176282697/in/dateposted-public/
There is a small lake just at the tip of the bottom blue ERT line, presumably this is the source of the "local" 10.2% helium, indicating that any reservoir at this location could be charged with the same rich helium mix, and that the source of the Itumbula Springs extends all the way to this point 3km from there.
Work commenced at the well site sometime between 24-8-23 and 3-9-2023, suggesting that they knew they could fundraise successfully well before that date, as obviously contracts needed to be confirmed, whilst work continued at Mbelele.
For completeness this is my view of the current state of play at Rukwa, He1 and Noble, with Nobles "String of Pearls" headed our way.
https://www.flickr.com/photos/194934344@N06/53177555814/in/dateposted-public/
A few months of big publicity coming up, and I think Nobles rig and our long lead items should be arriving on their respective sites about....now.
Oops...I pasted the wrong link for one of the images...
This is actually the "BINGO" image showing how the new well site relates to all the seismic and the ERT survey, when I overlaid this it truly was bingo...
https://www.flickr.com/photos/194934344@N06/53175331097/in/dateposted-public/
Following on I have a newer and much better candidate for Itumbula-1, together with evidence of a partially built roadway.
It ain't easy when all they give you to go on is "it is around 15km from Tai-3" and "the terrain looks like this" -
https://www.flickr.com/photos/194934344@N06/53174045187/in/dateposted-public/
Anyway there are various clues and as usual Sentinel comes up trumps, if you look hard enough, the key thing was to work out where the boundaries of the various plays are from the AGG survey, and then concentrate on looking only within these areas.
So Sentinel reveals this, with images L-R taken 17 days ago, 7 days ago, and 2 days ago, (12 days ago was cloudy)
https://www.flickr.com/photos/194934344@N06/53176364485/in/dateposted-public/
It isn't much to go on, again I saw this developing a week or so ago, and dismissed it, but what could be a roadway grew by a few hundred metres over the 5 days between the last two images, so maybe I dismissed it a bit too quickly.
This is Sentinel overlain upon Google Earth Maxar showing the location in relation to the Itumbula Helium Springs, that juicy 10.2% stuff, and the new roadway to get to the main road will have to go for 3600 metres.
https://www.flickr.com/photos/194934344@N06/53176414443/in/dateposted-public/
Mmm..I thought, looks a bit more interesting, but I still wasn't sure.
But then put the location into Google and zero in on Google Earth and things suddenly look a lot more interesting -
https://www.flickr.com/photos/194934344@N06/53176358390/in/dateposted-public/
Two very thin lines form a big "X" on the image, that "X" isn't an imagery artefact, those lines are actually on the ground and are Helium One's 2021/22 seismic lines. This Itumbula-C (B) candidate sits exactly on one of these seismic lines! The red N-S line is 15km from Tai-3.
Then place the He1 seismic and ERT line overlay from the He1 website upon Google Earth and BINGO!!
https://www.flickr.com/photos/194934344@N06/53176358390/in/dateposted-public/
This candidate lies directly over a Phase I 2021 seismic line, is directly on an ERT line (exactly the same as Tai-3) and is within 2km of six other seismic lines.
This is without doubt the location of the Itumbula-1 well site. The previous candidate will now be deleted. This location is 4km direct from Camp Rukwa, or around 7km via the main road and new roadway.
New general map of Rukwa
https://www.flickr.com/photos/194934344@N06/53176123014/in/dateposted-public/
And with the targeted play outlined in white from the AGG survey, it is colossal, many times larger than Tai.
https://www.flickr.com/photos/194934344@N06/53176464288/in/dateposted-public/
Any chance we can see the CPR for this Saint Lorna?
Because I'm quite sure that one exists....
Sentinel Update - 8-9-2023
Sentinel has now become a little redundant now that we are getting regular updates from Saint Lorna, which appear to be almost in real time now rather than several weeks behind. Presumably all the high risk stuff in dealing with the pad works is finished, and placing accommodation containers can be tweeted almost as it happens.
This is the pad on 8-9-2023
https://www.flickr.com/photos/194934344@N06/53173943927/in/dateposted-public/
This is my interpretation compared with the recent twitter pic, as there seems to be some activity, more containers/pipes since the pics was tweeted on 7-9-2023.
https://www.flickr.com/photos/194934344@N06/53174837259/in/dateposted-public/
There appear to be many more pipes at the pad on 8-8-2023 than were tweeted on 7-9-2023.
This is interesting because all the pipes at Camp Rukwa, which were a solid black "L" shape and which were in place since early 2023 now appear to have been removed, leaving just a grey shape next to the roadway -
https://www.flickr.com/photos/194934344@N06/53174837259/in/dateposted-public/
A vehicle can be seen on the main road to the left of the camp.
Which brings us to the site immediately opposite Camp Rukwa on the other side of the roadway. This appears to have been spread with fertiliser so may not after all be the site of Itumbula-1. It is sometimes difficult to distinguish between agriculture and engineering unless the obvious appears.
He1 do not appear to give much away on the location in their "civils" tweet
https://www.flickr.com/photos/194934344@N06/53174045187/in/dateposted-public/
I did do a few generalised maps on the Itumbula area prior to the Sentinel images coming down this morning and casting doubt on the well location. So take the exact well location with a large pinch of Salt (?), but it appears to be within this general area.
Taking that into account this is a general map of Tai/Itumbula - the red circle is 15km from Tai-3 so the new well is close to this line.
https://www.flickr.com/photos/194934344@N06/53172981167/in/dateposted-public/
This is a close up of the general area, showing how the fault marks a clear boundary between the area where salt/minerals/helium bubbles to the surface and where it does not -
https://www.flickr.com/photos/194934344@N06/53174013275/in/dateposted-public/
The "Z" shaped line running left to right is the southern licence boundary.
And this is combined with the AGG Survey indicating the area outlined in white which they are targeting and comparing with the size of Tai - Itumbula is many times larger.
https://www.flickr.com/photos/194934344@N06/53174069515/in/dateposted-public/
Line TVZ-05-R is the white line running diagonally SW to NE in this photo
https://www.flickr.com/photos/194934344@N06/53174061253/in/dateposted-public/
Geology based on this seismic line
https://www.flickr.com/photos/194934344@N06/53173631551/in/dateposted-public/
This is 1km from the "Itumbula-1" location.
Presumably the new prolific 10% helium source is somewhere around the western edge of this circle, as the new well is described as down dip from the surface source.
https://www.flickr.com/photos/194934344@N06/53171428788/in/dateposted-public/
And this is Noble's Mbelele-1
https://www.flickr.com/photos/194934344@N06/53171354148/in/dateposted-public/
and Mbelele-2
https://www.flickr.com/photos/194934344@N06/53170279847/in/dateposted-public/
Looking pretty much complete, so of course the contractors (although Noble have never said who their contractors are) would now move on to "pad 4" in the "contract"...
This is all very provisional.
LB says in the interview the Itumbula well is 15km SE of Tai-3, and located 1km from a prolific 10% helium source.
I'd imagined that the prolific source was the Itumbula Helium Springs, which produce 10% helium, but maybe not, maybe there is another source as the well is described as 1km down dip of the source, and this would not align with the helium springs.
There may be be another source, which possibly is not documented.
LB says that the new well is 15km SE of Tai-3, this is 15km SE
https://www.flickr.com/photos/194934344@N06/53171290233/in/dateposted-public/
Camp Rukwa is exactly 15km SE of Tai-3 -
https://www.flickr.com/photos/194934344@N06/53170804011/in/dateposted-public/
Directly across the road from Camp Rukwa is a field which has recently been subject to some disturbance - I had pointed it out a number of weeks ago, but had assumed that the disturbance was agricultural in nature.
This is the field on 29-8-2023
https://www.flickr.com/photos/194934344@N06/53171006194/in/dateposted-public/
And this on 4-9-2023
https://www.flickr.com/photos/194934344@N06/53170810226/in/dateposted-public/
Significant change in the last week, but unclear exactly what.
Whilst I may have gathered the evidence concerning Mr Hale, and reached the wrong conclusion (although I think that he has probably re joined the list of significant shareholders) as I have said for some time He1 are much more advanced in their planning than they are given credit for - Camp Rukwa a hundred metres or so from Itumbula-1?
Coincidence?
I think not.
No doubt the rig will overwinter at Camp Rukwa.
A provisional identification. Sentinel will overfly tomorrow evening, will see what it sees then.
And LB says long lead items "currently coming into country" - the MV Bohwa Tsingtao docked at Dar es Salaam yesterday evening.
Just happens to carry Nobles rig, also.
As always AIMHO,DYOR etc, etc...
"The Itumbula prospect is another highly ranked prospect within the current portfolio. A robust, structural closure located approximately 1km downdip from the basin's most prolific active surface helium seep with up to 10.2% helium. The prospect, which is located along the Itumbula structural High, has been mapped out using the vintage Amoco 2D seismic, as well as the more recent Phase I & Phase II 2D seismic acquired by the Company in 2021. The Itumbula High is also supported by the interpretation of the 2016 airborne gravity gradiometry data."
See here
https://www.flickr.com/photos/194934344@N06/52842538902/in/dateposted-public/
Interesting choice of words as the area within 1km of the Itumbula helium seeps has hardy been touched by the recent Phase I and II 2D seismic. Also interesting that Camp Rukwa is only 2km west of the Itumbula helium seeps, suggesting that they may have been initially more interested in this area than Tai.
I did post an image indicating a possible drill location near Itumbula, some time ago, although this now appears to be outside our licence area, and was one part of the licence given up towards the end of 2022.
https://www.flickr.com/photos/194934344@N06/51888214242/in/dateposted-public/
Both Tai-1 and Tai-3 were represented on He1 maps prior to their official locations being released, see here -
https://www.flickr.com/photos/194934344@N06/52844167662/in/dateposted-public/
The tale of the mystery cursors is within the image.
We have no seismic for the Itumbula area, but as the rest of the region dips to the East, presumably the new location will be around 1km to the East of Itumbula.
Noble have never said to my knowledge who is doing their civils, Mbelele-1 pad is now complete, Mbelele-2 looks as if will be complete within 2 weeks or so. If they and Me1 are both using the same company for civils then we should see work commencing on the Itumbula-1 pad within around 14 days.
Will keep an eye out.
https://www.flickr.com/photos/194934344@N06/52784076691/in/dateposted-public/
He1 maps of Balangida also have a mystery cursor.
Coco, no, not that location, they have given no indication of where, apart from 1km downdip from Itumbula.
However on my flikr feed there are a number of images from last year where I speculate on an Itumbula drill site. Will try to post later this evening.
If that location is correct then it was chosen pre Ipo, as was Tai, although possibly refined since.
Yes, I haven't looked too deeply, but they have some form of relationship going back to Bradda Head in 2021, when Mr Hale had around 7% at IPO and IS was Chairman there.
He will likely have made around 50%+ on a £2.9M investment here, if he got them all at 5p, as appears to be the case.
I think he is probably out now, so hopefully the shares will reverse their recent decline, and instead of people getting the collywobbles and selling they'll have the sweats and start buying.
It works both ways.
A few pics from the quayside would be great!
But maybe we'll have to rely on Noble for that.
But if those long lead items do turn up at Tai early next week, I'd be wondering how both we and Noble both alighted upon the same yard in Chesterfield, at the same time, when the action was 8,000km away.
Interesting coincidence.
The most interesting post of today (IMHO) was at 13.14 by Thomungo indicating that He1 had modified their shareholder page, to delete Mr Hale's 58M (7.07%) shareholding , indicating that he had gone below 3% or 24.75M.
I had posted a few weeks ago that I thought that he was our "Mr Big" seller and so it has proved, at least partly.
But a quick look at the He1 shareholder page reveals something else.
https://www.helium-one.com/investors/share-price-information/#SignificantShareholders
The page is dated 8-8-2023, so Mr Hale had gone below 24.75M by that date, probably a few days before, and he had already by then got rid of 33.25M, well before anyone had cottoned on as to what was happening. My first large post on the matter was 19-8-23, so well behind the curve there.
The latest tally of shareholders also reveals that Oberon have disposed of 15M, no mention of IS, he may or may not have, we'll never know, no TR1's don't forget.
The slack has been taken up by pi's - no institutions here.
But this date of 8-8-23 is actually quite important.
I had speculated in the 19-8 post that He1's PR exercise of 14-8-23 may have been prompted by Mr Hale selling. That could indeed be the case, as if they were notified of the selling on or about 8-8-23, then the RNS of the PR presentation was 11-8-23, they had just a few days to get people together in order to do a reassuring 14-8-23 PR exercise as they knew a tsunami of selling was hitting the market and Mr Hale likely wanted out completely, so the selling would continue until he was out.
So this suggests to me, indeed confirms, that there is nothing untoward going on and He1 merely wished to reassure long suffering shareholders without telling them the reasons why they were about to need to be reassured.
And that page dated 8-8-23 concerning the current largest shareholders is interesting in itself.
Look at the metadata behind the page and you see this -
https://www.flickr.com/photos/194934344@N06/53164389983/in/datetaken/
Line 14 - the page was modified at 10.43am 1-9-2023.
So He1 knew around 8-8-23 that Mr Hale was selling. Pointless PR/handholding RNS'd on 11-8-23, PR presentation on 14-8-23, all designed to deal with the avalanche of shares hitting the market.
But they didn't tell anyone until 1-9-23, and only spotted today. Why?
I would suggest that they knew on that date that he is completely out, or almost so, with now so few shares it doesn't really matter.
And a quick totting up (very rough, I know) suggests that Mr Big has indeed got rid of at least 25M since 10-8-23 when I began calculating.
So hopefully the share price can within a day or two begin to behave more normally.
And the Bohwa Tsingtao is now just of the coast of Kenya, a few hundred km from Dar es Salamm.
Hopefully carrying our long lead items, as well as Noble's rig. Nothing for sure, but if our long lead items turn up at Tai-3 early next week, it will pose and interesting que
Just done a long post, and then it got lost when I pressed post message. Tut. anyway can't be bothered doing it all again, so I'll just repost the images without comment.
Not much change anywhere, suggesting all complete, as has been for a while now, just awaiting arrival of long lead items, possibly on Nobles ship, docking in 49 hours.
Tai-3
https://www.flickr.com/photos/194934344@N06/53161153197/in/dateposted-public/
https://www.flickr.com/photos/194934344@N06/53162232918/in/dateposted-public/
Comparison from 5/10 days ago
https://www.flickr.com/photos/194934344@N06/53138276267/in/dateposted-public/
Camp Rukwa
https://www.flickr.com/photos/194934344@N06/53162170040/in/dateposted-public/
What we are really seeing from Maxar 22-8-2023
https://www.flickr.com/photos/194934344@N06/53152099367/in/dateposted-public/
My interpretation of the 31-8-2023 tweet
https://www.flickr.com/photos/194934344@N06/53159795743/in/dateposted-public/
My amateurish interpretation of the geography and seismic (my expand on that in a few days)
https://www.flickr.com/photos/194934344@N06/53161922148/in/dateposted-public/
As to share price, we will all know when the seller has finished.
SD, that is the $64M question.
He1 have provided us with little information as to what exactly lies under the Tai-3 spud location.
The best we can do is these images, this is the CPR dated 22-5-2023, which gives an accurate location for Tai-1
https://www.flickr.com/photos/194934344@N06/53161210933/in/dateposted-public/
It is actually the most accurate location for Tai-1, the previous most accurate location was in a presentation on 25-11-22 which was slightly "massaged" and is here
https://www.flickr.com/photos/194934344@N06/52624996201/in/dateposted-public/
The CPR really proves that the drill broke when they perhaps unexpectedly crossed the fault line, He1 always as said it was due to a "stressed joint", so we should 't have any of that this time.
But even the CPR doesn't give us the seismic for Tai-3, but instead is based upon a Tai-1 seismic line RUK21P2 -08 which passes through Tai-1, as seen here
https://www.flickr.com/photos/194934344@N06/53047166481/in/dateposted-public/
So Tai-3 whilst being NE of Tai-1 geographically, would actually be slightly to the right of Tai-1 in terms of where it is in relation to the fault.
Tai-3 also lies on an ERT line - this is taken from a presentation at the AGM in February, very out of focus, I can't understand it, but maybe you can!
https://www.flickr.com/photos/194934344@N06/52855794603/in/dateposted-public/
But He1 actually keep their cards pretty close to their chest, only giving out really the minimum amount of information, as some may have noticed.
Could post more but haven't much time at the moment. Maybe later.
After a number of requests to those who run Google Earth, my requests (and prayers) have now been answered this afternoon. So thanks to google Earth (and to the CIA who gave them some initial funding).
We now have Maxar views of the Tai-3 pad as at 22-8-2023!
I haven't much time to post or interpret the images, so just a brief overview for now -
This is a close up view of the Tai-3 area, the DNR Base Camp appears to have been cleared entirely -
https://www.flickr.com/photos/194934344@N06/53152882169/in/dateposted-public/
This is the Tai-3 pad
https://www.flickr.com/photos/194934344@N06/53152099367/in/dateposted-public/
I was right yesterday in thinking that pipes have been moved from Camp Rukwa, but wrong in thinking that some were not at Tai-3, they can be seen here in top left corner, and just north of the well head. Quite a bit of other equipment is there also. Others more knowledgeable than me can say what is there and what is yet to arrive, bearing in mind the image is at 22-8-2023. This was the same date as the rig tweet with this picture here -
https://www.flickr.com/photos/194934344@N06/53152722606/in/dateposted-public/
This is Sentinel from 24-8-2023 for comparison -
https://www.flickr.com/photos/194934344@N06/53138839446/in/dateposted-public/
And Sentinel from last night showing some changes
https://www.flickr.com/photos/194934344@N06/53151456093/in/dateposted-public/
Real close up of Tai-3 pad
https://www.flickr.com/photos/194934344@N06/53152676896/in/dateposted-public/
Roadway access to Tai-3, it looks like the huts/accommodation from the DNR Base Camp may have been moved to here -
https://www.flickr.com/photos/194934344@N06/53152882634/in/dateposted-public/
The cleared area 2km north of Tai-3 -
https://www.flickr.com/photos/194934344@N06/53153172933/in/dateposted-public/
Maybe at best jury still out on this one, there is an improved road to the NE, with what looks like a tree across the roadway blocking access, and the area has been cleared, but difficult to say that it has been by heavy machinery. Interesting nonetheless and now we have good imagery it would be easier to interpret the Sentinel imagery for updates.
Will have a better look round when I have time. Camp Rukwa is not covered by the more recent imagery.
Whilst Saint Lorna gave us a full update only a fortnight ago, I can understand why some are a bit bleak given the 40% fall in the share price over the last few weeks.
But hope springs eternal.
Sentinel from earlier today -
https://www.flickr.com/photos/194934344@N06/53151456093/in/dateposted-public/
Tai-3 pad, not much change that I can see, main addition appear to be several white dots (5 or 6), possibly pickup trucks or support equipment, possibly Geo Truck etc. in the lower half of the pad.
There may also be a couple of white dots in the upper half, where presumably the accommodation is to be located.
Not much change at the well head, although it now appears smaller. If they had completed here a week or two ago then this area would not change much until they were ready to drill.
No sign of accommodation but they may use the same accommodation as at the DNR Camp, which was tan/grey coloured and may be very difficult to see on Sentinel images.
See DNR Camp here -
https://www.flickr.com/photos/194934344@N06/53038822556/in/dateposted-public/
Camp Rukwa, no changes over the last couple of weeks but hint of a change today in the pipe area, at the north of the compound, next to the roadway.
Previously it has been an inverted "L" shape, now more of an "I" shaped block, suggesting that some of the pipes may have been moved within the camp if not outside it - no evidence yet that they have arrived at the pad.
Also hint of a green area to the left of the camp, possibly a tent?
https://www.flickr.com/photos/194934344@N06/53150957111/in/dateposted-public/
Compare with images from 5 and 10 days ago, the pipes certainly look to have been moved slightly -
https://www.flickr.com/photos/194934344@N06/53138258862/in/dateposted-public/
Interesting idea that Nobles ship may carry equipment for us also - because a little bird had told me, prior to Noble taking the Marriot rig and us the Predator, that the Marriot rig was being prepped for us and would be contracted by He1, who were about to ditch Sofori, and even provided me with the coordinates for the Marriott yard in Chesterfield, a week prior to Noble contracting that rig. That would explain some of the goings on here, but as ever nothing is certain.
But we do seem to be moving towards the end game, if at something of a glacial pace.