RE: Looks like back over 10p soon24 Apr 2026 16:09
I've been waiting for this share to appear in one form or another for the last several years.
I now see He1 as something of a foot soldier scout, going in early and looking around to see what is there before the Big Boys commit.
If you look at the He1 prospectus (2020 or thereabouts) you will see that 12093 was always "out of bounds", a big hole in He1's intended licence applications which otherwise, at one time, comprised most of the Southern part of Rukwa.. 12092 and 12094 were intended for He1 but they never followed through with their applications, leaving them for Kidunda, which ultimately became Rift.
You could theorise that 12093 was "out of bounds" because it is the best block in Southern Rukwa and had to have some direct Tanzanian interest involved.
Rift is also the only one of the three to now have a significant present shareholdings of NH and TAJ, and a direct Tanzanian interest.
I had done quite a bit of research on He1 when it was going great guns (still ended up losing money, either I'm insufficiently bright and/or nimble) and whilst researching noticed that He1 had actually shot around 4km of 3D seismic over Rifts 12093 licence area (which actually is adjacent to Itumbula), and this seismic intersected part of their prospective drilling targets. 4km isn't much, but whether by accident of design, when combined with the legacy 2D seismic it may have given a hint of what was potentially there.
Noble also did a bit of survey work over one of their areas.
Of course He1 now appears to be a basement play, whilst Rift are now looking for a trapped reservoir.
There are also a number of, from time to time shared directorships, so it would be possible to assume that whatever general knowledge He1 gleaned concerning Rukwa, has effectively been transferred to Rift. And TAJ wrote the helium exploration handbook, so is pretty knowledgeable anyway.
And then there is the He1 drilling rig, I assume it is still in area, but no doubt could be used by Rift on suitable terms and they wouldn't have to join a queue and wait 6 months+ for a rig to appear.
He1 is looking for a farm out at the moment, no doubt giving up a significant proportion of their assets in return for a fairly decent drilling programme. A successful farm out could result in a big uplift to Rift without them having to do very much at all. Success with drilling would probably translate to success for Rift also, at least share price wise. It would also likely lead to infrastructure being build, and cost sharing.
I guess Rifts hand was forced and they had to list/raise money now as the licences expire by the end of this year and to get them renewed they have to spend some £ sharpish.
I'd wager their first drill target will be around 5-8km E of Itumbula W 1.
New issues are always risky, but you could possibly construct a proposition that Rift has already sieved out as much risk as they possibly could. Which arguably makes this a very interesting share
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