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Many thanks (in advance) to Josh for taking the trouble to attend the AGM.

I'll await his report with interest, although from previous experience with AGM's you really have to sort through the upbeat waffle, to get to the nitty gritty, because of course they tell you what you want to hear.

However the Presentation is much as expected, together with the drill date.

Q3, and no rig as yet makes it more likely (IMHO) that they will go with another partner - Noble is the obvious choice - as they intend to drill in Q3 also, probably around 70km away, for the same resource, within the same basin.

There is are downsides to such an approach however, which is maybe why they are not committing themselves as yet.

And don't forget it was Noble who approached them, probably sometime between 4th and 10th January this year. Two years plus between drills is why DM had to go, but the new strategy is obviously the old strategy, at least for now.

A brief look through the presentation allows a tighter definition of the Tai-3 drill location.

This slide taken from page 11 of the presentation allows us to see the general location of Tai-3 -

https://www.flickr.com/photos/194934344@N06/52690670353/in/dateposted/

I've drawn the black lines on it and the centre of the image is in the triangular area between a road intersection.

I've put this onto Google Earth and this is the location -

https://www.flickr.com/photos/194934344@N06/52690190026/in/dateposted/

This shows the actual location of Tai-1/1A/2, and the intended locations of Tai-3 and Tai-4, taken from the seismic overlays from the 25-11-2023 presentation.

I've actually placed the current location of Tai-3 from the 15-2-2023 presentation on a seismic line (which cannot be seen in this image - Tai-1 was drilled on this seismic line, and it was also used for pad access) slightly to the NE of where the lines cross on the page 11 image, but the actual location from todays presentation is within the triangle formed by the tracks on each side. This I'd say is good to within a few 10's of metres.

The page 11 image actually looks like it was cut out with scissors (maybe it was), so I can just imagine LB staying up late with scissors and a pot of glue, finishing off her presentation.

Some nice images in there and much better than DM's initial presentations which were hard work to interpret.

One on the images they have posted on twitter shows a concrete cap has been placed at the location, so I'll try and triangulate, to get within a couple of metres, but not now.

T321

Try looking at the wayback machine which captures webpages.

https://archive.org/web/

Prior to 2-2-23 the last update captured was that of 1-8-22, which was captured on 17-8-22.

I'm not sure if that was the last time Primorus changed its investment page (I know it doesn't change very often) but changes between those two dates to the latest update on first glance appear to be -

1. Addition of 42,375 Interpac shares

2. Addition of 1,800,000 Alteration Earth warrants

3. Deletion of 831,358 shares in Rogue Baron @ £0.07 - there were some chunky trades in this around 31-1-23 including 5000,000 @ 0.61p - I can't quite get the various trades to exactly add up to our 831,358, but they may be in there somewhere, bearing in mind RB isn't very often traded. The holding may have netted around £50k if indeed sold - as appears the case.

4. Deletion of 40,000 shares in Nomad Energy @ $7.50 - Companies House reveals this company was dissolved on 27-12-22 via voluntary strike off, so it has obviously gone west.

5. Deletion of all the shares in Truspine - the trades in this on 1-2-23 exactly match our holding (1 share out) so that must be us, sold at various prices starting at 2.1p and ending at 1.2p. someone can work out exactly but if we take 1.5p by our 1,805,554 holding that would net us a further £27K.

So less a bit in costs it looks like we have an additional £75K in the bank, which should keep us going a quite while more, bearing in mind our day to day running costs are much reduced.

Maybe simply a question of priorities, Rupert of course bought more around 19-1-23, so maybe whilst eyeing a big fish, he is letting a few minnows go. Noticeably the two minnows are the ones fairly easily tradable, so maybe the priority is to raise the cash quick rather than looking at what best to sell.

Unfortunately, we no longer have RKB to do all this donkey work for us.

I do feel somewhat sorry for him, selling out just at the wrong moment, having held and been so enthusiastic for so long, and worse than that, Rupert snaffled most of his shares!

RKB, if you are out there, they are still a potential bargain even now!

The problem though may be accumulating a new holding of any significance.

Fresho situation looks interesting, looks like this may be worth multiples of the present Primorus share price of 4p, just on that investment alone.

Just goes to show the slow movers may be the best after all.

Buy, and bide your time.

I know everyone has been getting very excited about the AGM, and the possibility of a major announcement to coincide.

Now apart from a select few, and I'm not one of them, no-one knows what will be announced around AGM time.

But rather than the AGM being held “early” to facilitate an announcement I think it is being held “early” precicely because there will be nothing significant to announce – subject to what I'm going to say later in this post.

If we look at the two interviews DM gave immediately following the rig disappointment, one on 4-1-23 and the other on 11-1-23, he is much more upbreat after the first interview. In the first he says there are “going to be a bumpy couple of weeks”, “just need to reinitiate a few calls” but still hopes to drill early in 2023, but not in Q1.

In the second he is much more cautious, saying he still hopes to drill in 2023, but says they need to get the right rig, saying “There is pressure from the market to get a rig, we have to hold back” and “it is going to take a while”, “a lot of work” etc. He is also very vague about when a drill may take place – the blurb says “confident about a drilling campaign sometime this year” - quite a low bar for the first half of January.

Something appears to have changed between the two interviews, maybe the economic reality of being a minnow.

He also says there will be no fund raise pre spud, after spud, well that is open.

Also mentioned is the possibility of a “Tanzanian Buyers Club” for rig and services, saying they have been approached by other operators.

Interestingly Noble Helium in their quarterly update on 2-2-2023 also mentioned “The team have networked with other Tanzanian operators to source a suitable drilling rig”

That the two helium drillers in Tanzania are suddenly reading from a different but similar hymn sheet within a couple of weeks is no coincidence. This has been noted previously by Dai on this board. Some sort of consortium makes sense, although it brings with it its own challenges.

Also noted on this board, is that minnows are at the low end of the pecking order, a “shoddy” Baker Hughes crew blamed by some for missing a discovery at IVZ, as the majors get all the good people.

Helium One also had its own problems with the Exalo rig, and was passed over by Exalo for a continuing relationship with of all companies IVZ, another but perhaps slightly larger minnow!

Part 2/cont...And as to Noble they are doing a farmout in order to raise funds. They had around $10M in the bank at end Q3, $6M at end Q4, and are still doing seismic, so cash is short there also. And they are probably facing the economic reality that unprovren helium assets do not attract big money.

Someone recently brought on here up an Australian outfit listing on Aim and raising the princely sum of around £3M at IPO, having been almost given its licences and prospects for free.

So, I don't know what Noble are hoping to raise but in return for a sizable share of their prospect it is unlikely to be big bucks. If $12M gives He1 enough for one well maybe they are hoping for $15 - $20M?

Everyone on here is very gung ho about the money to be made upon a discovery, but the reality is that pre discovery helium assets are worth only just a bit more than peanuts, in fund raising terms anyway.

So with cash being likely short all round it makes sense to cooperate

There are other drillers in Tanzania no doubt, but I think SQZ is the only one I know, not sure where they are intending to drill, there maybe some other private outfits doing something somewhere.

However Nobles prospects on the west side of Lake Rukwa are at most 80km from Tai, some are quite a bit closer. The west side of the lake would be easier to drill being flat in places, whereas the eastern side is a precipitous slope.

These are the relative positions of Noble and He1, via LB, with Tai marked

https://www.flickr.com/photos/194934344@N06/52656030097/in/dateposted/

If (and it is if, this is an hypothesis, albeit I think a pretty good one – IHMO, DYOR) we cooperate with Noble regarding rig and services, what are the implications of that?

Well, one is Nobles timetable, this timetable, is now Helium One's timetable. Events inevitably must now move at the pace of the slowest partner.

This appears to be Nobles timetable which I take is chronological

https://www.flickr.com/photos/194934344@N06/52668201801/in/dateposted/

Noble and He1 will have to execute a rig and services cooperation agreement, I suspect that could be the big news at the AGM (maybe).

The good news is that according to Noble rig selection is “imminent” - so I take it that will be via the good old, but hapahazard LOI or MOU method, as clearly Noble have no money at the moment, spending most of what they do have on a 3D survey.

Bids for the Noble farm out don't come in til end Q1 2023, presumably the cash will follow in April 2023, if the terms are acceptable, then execution of rig contract possibly end April 2023.

Two months to mobilise and the rig could be on site at Rukwa end June 2023.

cont/...

Part 3/cont...

Then it is a question of who gets it first? He1 are ready to go now (subject to a rig) so they could do Tai-3 and then move the rig 50km to do two drills for Noble and still be finished well in time for end November and the rains.

I think in any event Noble and He1 are in a long term symbiotic type relationship, Noble are targeting the basin margin plays, He1 the intra-basin plays, the the licence areas of each contain both type of plays. A discovery for one will boost the other. And if one drill fails it isn't fatal for either company, as they both have other targets and plays to go at.

Sharing a rig and services will give more bang for each buck, more efficiency, they'll save on transportation, be able to get a better crew and be able to offer a 3 (or maybe even 4 drill programme, with savings, think Tai-4, maybe) over 6 months – thus answering the difficulties which have dogged themselves and others in the recent past.

Of course cooperation could also lead to potential problems also, but I think the benefits outweigh these.

With a rest up over the wet season, and He1 fundraise, they could be back drilling in May 2024 with the same rig.

It could even lead to longer term cooperation, between them they have surveyed nearly all of the central lake region and surroundings.

To me this is the obvious solution to out present difficulties and explains why DM became much more circumspect and vague regarding drilling dates between 4th January and 11th January, and they the decision to announce the AGM “early” on 16th January – suddenly he had to take another party into account and they were not yet ready to move, so no rig contract, until April 2023, at least.

Just a few comments (FWIW, if anything) on other matters which people have raised over the last week or so, someone suggested that recent investors in the placing would be cheesed off by the dayays. I don't think so, most of thoise shares would have been churned both pre and post the placing for a quick 15%-20%, very few are still held by the placees.

And no Tr1's, well this company is registered in the BVI, so they are not subject to the Companies Act, not are their investors, so apart for maybe UK institutions who may feel morally obliged, we'll never get a TR1 to know who owns a large stake, if anybody.

And anyone see that Chinese balloon? BANG, it was filled with helium (most of the helium NASA uses is used for weather balloons, not rockets). If there was to be a “balloon war” between China and the US, they're going to need an awful lot of helium.

This is all somewhat speculative, but to me it answers queries I have had regarding recent events and DM's changing attitude towards 2023.

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