Member Info for skittish

Martin Samworth does appear however to be well connected, and better connected perhaps, than Mr Horner.

I'm well please with this appointment, and salary effectively in shares.

https://ir.cbre.com/overview/default.aspx

"CBRE is the world’s largest commercial real estate services and investment company, with the #1 global market position in leasing, property sales, outsourcing, property management and valuation. CBRE is also the largest commercial property developer in the United States, and has nearly $147 billion of Assets Under Management within our Investment Management business. Our more than 105,000 employees (excluding Turner & Townsend employees) serve clients in over 100 countries, including over 90% of the Fortune 100."

https://find-and-update.company-information.service.gov.uk/officers/07Rj3zbIUNwT0jr2iuXFi8vFE5c/appointments

It is in fractious times like this that the foundations of fortunes can be made.

A very cold winter in Europe and elsewhere, but the tables are beginning to turn and the momentum will become insurmountable.

Looks like a roll over to me, small difference in the price (the commission), a few seconds apart.

I do check in on Sentinel imagery, the satellite overflies the Tai area every 5 days, the latest image being 15 July 2022, which is here, with my annotations.

https://www.flickr.com/photos/194934344@N06/52227182284/in/dateposted-public/

The front of the original pad area in a sort of darkish brown can be clearly distinguished (this was green an appeared planted with crops earlier in the year), together with a lighter "dog leg" area to the immediate west, which is a slightly lighter brown, and this smaller dog leg area formed part of the rear of the drill pad area and appears to have been kept clear of vegetation since drilling ceased last year.

A light brown area immediately to the north of that appears to represent an area of recently cleared crops, as does an area around half a km to the SE of the pad area.

What is lacking however is a recently constructed drill pad and a roadway for moving heavy equipment to that from the main road system.

This is an image from May 2021, which shows the newly cleared and gravelled pad area and the access road to it, which can be easily distinguished - although the area at that time of year was much wetter, which helps with identification.

https://www.flickr.com/photos/194934344@N06/52164228057/in/dateposted-public/

Thus far no similar roadway and pad area appears to have been constructed at Tai this year, assuming of course that they will drill in exactly the same location, which from commentary this far appears to be the likely case, although by no means certain.

But last year that pad and roadway were built in a matter of two to three weeks so the lack of a pad and roadway, to me at present is no big deal. I will watch closely, but I expect once construction begins DM & Co will be twittering away like nobody's business, so we wont then have to rely on Sentinel-2.

And I see no reason to deviate from the timeline given in my post of a couple of weeks ago (AIMHO,DYOR etc), so pad construction may not begin for a month (or two) yet.

So there appears to be no significant activity as yet, but it is impossible to say for instance, at the resolution given, that no one visits the site (there are various tracks crossing the area), and a pad a km or so away would be a curveball and might be difficult to spot immediately.

And a few raw images - flick between then and you can see fields being harvested etc, but nothing I can see which looks like a newly constructed pad -

15 July 2022

https://www.flickr.com/photos/194934344@N06/52226900328/in/dateposted-public/

5 July 2022

https://www.flickr.com/photos/194934344@N06/52226900328/in/dateposted-public/

20 June 2022 (cloudy a week earlier)

https://www.flickr.com/photos/194934344@N06/52226889111/in/dateposted-public/

Happy viewing.

That was by far the most sensitive thing in that thread and the whole thread has now been deleted - you could interpret that either way.

The only certainty is that someone reported it.

On 29th June I posted inter alia this -

"So with a one well programme, Tai-3, you could mobilize at the beginning of August, have 8 weeks to get the equipment to site instead of 6 in 2021, 2 weeks contingency during the drill, and a further 2 weeks contingency at the end for unforeseen events. A 6 weeks mobilization, as in 2021, and you don't need to start moving until mid August.

So my likely rig contract news would be around a week prior to that, so that gives the last week in July, or around 10th August, if they intend to move the rig a bit faster.

I don't know when the RNS will come - it could be tomorrow - but I'm not expecting news until the end of next month, and that still leaves plenty of time to drill Tai-3 in 2022."

DM subsequently did an interview on 1st July updating matters, saying things were "on track" for drilling this year. I know the lack of news since is frustrating, but only to be expected, he isn't going to update things every week.

But looking at the interview in detail, I suspect we may well be into mid late August before we get contract news, so if people are frustrated now they will be chewing their fingers off in 6 weeks time or so.

Be prepared for the wait.

I'd allowed a fairly protracted 8 weeks for the rig mobilisation - DM seems to think that he can do it fairly quickly - see here -

"the rig isn’t actually on the critical timeline for drilling this year because it’s already in East Africa, therefore it’s a quick and easy logistically to get it into Rukwa."

Quicker mobilisation potentially (in my timeline) puts back the contract date beyond end July/beginning August.

Also just look at what needs to happen before mobilisation, not only these "minor" updates to a rig which appears to have been idle for some time - ever tried updating software on you computer, sometimes it works, other times it is a can of worms. That is why people don't update their computer systems.

so then on 1st July they were undertaking pre inspection checklists tests and "minor" improvements. Then the rig mast is to be put up, DM arrives (I'm sure he has bags packed already), then MW arrives, then ADC arrive and then the rig is run under load and the audit is carried out for "a prolonged period of time".

Do ADC have their bags packed? I doubt it, and they'll only move once all the other work has been carried out and they are satisfied it is ready to inspect, and crucially they can fit it in their diary.

DM hints " we know that things always take longer in Africa than you anticipate when you start these things"

So I'd say (without knowing anything, really) contract date is now likely to be end August/early September.

Still plenty of time to drill Tai-3 with quick mobilisation, one well only, and if that is by far your best prospect, then you only need one well....

PS. - there is a difference between the written transcript and the verbal recorded interview - can anyone spot it?

D2B, Just the dog days of summer, volume very low, wild swings are part of the territory for the next 6 weeks...

I don't know what DM's timetable is but I remain quite relaxed about matters.

If one was to work backwards from the rainy season start in mid December, you could work out a timeline based on needing to finish drilling at that time, and a possible timeline of what DM & Co are up to.

So...

Mid December - must be all packed up and gone from drilling site.

Say it takes two weeks to pack up - then must start to be packed up by end November. Add in a couple of weeks for contingency, that gives start of packing up mid November.

Drilling and testing - someone said could all be done in 4 weeks, and 4 weeks per drill appeared to be their timetable in 2021, so assume that is the case here, and we have spud in mid October, with a two week contingency built in. But without the contingency, if everything was taken to the wire we could spud as late as end October, and still be packed up before the rains.

So that then gives a spud date of either mid October, with two weeks contingency or end October with no contingency.

Suppose we add in another two weeks contingency for a slow drill (Tai-1/1A took two months), then that gives you a spud date of end September - which coincidentally is DM's most recent target date.

Of course I'm assuming here that there will only be one well drilled, Tai-3, and I've gone into further detail on why that would be in previous posts.

So now we've got end September with 2 + 2 weeks contingency built in.

Drilling in 2021 commenced on 14th June, after rig mobilization was announced on 29th April, following funding on 16th April. That was pretty fast work, just over 6 weeks, the rig and other equipment was in Tanzania/Mozambique. Whichever rig is being inspected now is in "East Africa" - I know some have speculated where it might be, but it may be near, it may be far, so lets say 6 to 8 weeks for mobilization and getting it to Rukwa.

So 6 weeks would give you mobilization mid August, 8 weeks would give you mobilization beginning of August. If everything was pared down to the wire (risky, I know) you could mobilize as late as mid September and still get the job done, but there would be no contingency for unforeseen evens, as (repeatedly) happened in 2021.

So with a one well programme, Tai-3, you could mobilize at the beginning of August, have 8 weeks to get the equipment to site instead of 6 in 2021, 2 weeks contingency during the drill, and a further 2 weeks contingency at the end for unforeseen events. A 6 weeks mobilization, as in 2021, and you don't need to start moving until mid August.

So my likely rig contract news would be around a week prior to that, so that gives the last week in July, or around 10th August, if they intend to move the rig a bit faster.

I don't know when the RNS will come - it could be tomorrow - but I'm not expecting news until the end of next month, and that still leaves plenty of time to drill Tai-3 in 2022.

IMHO,DYOR etc, etc...

I think Tai-2 was just an attempt to possibly find shallow helium - or someone has suggested it was contractual. I think it al little odd it pinched out.

However the minister tweet was 17-8-21 so he probably visited 16-8, just after Tai-1 completed - so he probably got an assessment of that completed well - I think probably a good sign overall.

However I remain convinced that a plan is being played out, and whilst not as quick as some would hope, I'm pretty sure Tai-3 will complete this year, and I think(?) likely will be a good result.

He1 is however at the sharp end of present day volatile markets, with the Dow hovering a little over 30K. One big knock and we're into 20's, but it seems to accept 4% US base rate by end 2022, and still holds up, for now, despite that.

I don't consider the board untrustworthy, but then also don't accept I'm smarter than you.

Whilst investors are understandably nervous, I don't actually think things have changed all that much from a few months ago, when there was an air of optimism concerning Helium One.

He1 is bobbing around on the financial ocean and is at the mercy of all the tides rip currents and storms which are taking place.

Money is moving out of speculative investments and into perceived safer havens. Helium One suffers. That doesn't alter the fundamentals whatever they may be.

Whilst He1 presented a deep/shallow programme divergence late last year, I think the course they chose has been set since at least February 2022 when they announced the resolutions at the AGM - and ruled out a placing without first holding a further GM. That was a voluntary act. They had by then, I believe set their course, to drill one further well at Tai, Tai-3, and knew they had the resources in hand to do this without further recourse to shareholders.

They have been proceeding since then, slowly, as that is most economical, and no amount of market fluctuations will cause them to change course or be blown from the course upon which they are set.

One well, Tai-3, spud around end September/beginning October, with 4 weeks contingency already built in.

Tai-1 was completed on 11-8-2021. Tai-2 commenced on 19-8-2021 and completed on 26-8-2021.

For reference this is the drill pad on 26-5-2021 just after construction showing the roadway leading to it.

https://www.flickr.com/photos/194934344@N06/52164228057/in/dateposted-public/

This is the drill pad on 4-8-2021 just as drilling came to an end -

https://www.flickr.com/photos/194934344@N06/52164229132/in/dateposted-public/

This was the drill pad on 19-8-2021 showing that what may be large amounts of spoil have been deposited on fields surrounding the pad, between 14-8-2021 and 19-8-2021. Further deposits of "spoil" were deposited up to 8-9-2021 shown here -

https://www.flickr.com/photos/194934344@N06/52165784985/in/dateposted-public/

All these deposits were local to Tai-1/2 and had ceased by the mid September, by which time it appeared the pad had been cleared.

That they commenced depositing the spoil even before Tai-2 commenced drilling suggests to me that they had by that time already decided to pack up and leave even before Tai-2 had commenced drilling, and come back in 2022.

The spoil doesn't appear to have hindered the local farmers as earlier this year the fields surrounding Tai were lush and green.

This is Tai 2 days ago -

https://www.flickr.com/photos/194934344@N06/52165320341/in/dateposted-public/

The dry season has taken hold, and the access road has completely disappeared, and whilst it is impossible to say no one visits the site, all one can see is local tracks in the vicinity. So any new roadway to the pad it appears would have to be completely rebuilt.

So I guess what I'm saying is this is a long term plan, and it will play out on course and to He1's timetable.

Part 1

I've been following all the recent musings on here with some interest, and all the various interpretations as to the activities of He1 and permutations of such.

Will they/wont they buy the rig? Why the need to strip it down and rebuilt before taking it? How many intended wells? Will they drill at all in 2022?

To me you really need to go back to fundamentals, and look at what DM & Co may perceive the situation of the company to be, and the surrounding circumstances generally.

DM seems confident he had a discovery last year at Tai, and wants to confirm that this year. There is a possibility his confidence may be misplaced, but I'll ignore that for now.

He1 also have around $9M in the bank. Drilling and some other activities took $6M last year, so if drilling costs the same he'd be left with something under $3M at end 2022 – squeaky bum time. He1 have ruled out themselves a rights issue, unless they hold a GM for approval. No sign or need for that til end 2022.

The macro situation is dire – even this weekend Bitcoin is down another 10% to around $18K, no sign of that fall stopping as speculative stocks and assets are hit particularly hard. US markets set new records almost daily to reflect how dire the economic situation.

Speculative stocks are hit particularly hard as the free money tap is turned off, and QE becomes QT. 40% of all the $ in the world have been created in the last 2 years – the Fed is now sucking $ out of the financial system at an ever increasing rate, soon to be $300 per US citizen every month.

I'm sorry to break this news to you but He1 falls within the speculative stock category, and I think short/medium term it will continue to be hit fairly hard by the decline in markets generally, and that includes whether they get a rig booked or not.

I wouldn't rule out a rally on booking a rig, but I think it would not be sustained – this is not 2021, free money and all that.

Market rallies are not out of the question but cannot be followed through without the Fed changing course, with inflation at a 40 year high and increasing, this is unlikely.

The Russian invasion of Ukraine will continue, with Russia now openly using gas supplies as a weapon against France, Germany and Italy, with their gas transits down 50% in recent days. Those three are the main appeasers, as their gas could stop flowing completely. The Anglo-Saxons will continue to supply Ukraine with whatever it needs, until they push the Russians back, as surely they will. But it will be a very cold winter in Europe for everybody.

And that translates into ever higher energy prices, and more inflation, for now.

So barring perhaps brief rallies, I'm not expecting any serious price action on He1 without a confirmed discovery.

Nor am I expecting any real rig news from He1 anytime soon.

Some have speculated whether there was a letter missing from the 24-5-22 RNS “contacted” or “contracted” - well I'm sure there wasn't a missing letter

Part 2/cont..

Indeed in his DT interview a few days later he was almost casual about when they would be going out to do the audit - “in the next few weeks” - I wouldn't be surprised if they hadn't actually arrived as yet.

Why so “slow”? Well, speed costs money and that is one thing He1 is short of – it has enough to do what it wants – but not quickly. So instead of paying top dollar, it waits its turn for the services to be provided.

And why the audit at all? And the stipping down and rebuilding? Well 2021 was a debacle, and DM's job could be more oin the line than we know. Get it wrong again and the chances of raising cash at any reasonable price in 2023 are remote given macro conditions.

So they take their time and get it right.

Now we know the rig can go to 2500M. But basement at Tai which is their declared drilling site, we know is 1200M max. Tai-1 was 1164M. Why get a drill which goes almost 2.5 times deeper than you need?

Well maybe this rig is more important than has been disclosed. They may negotiate an option to buy, but I think this would just be a contingency for 2023, but initially they will just rent.

But someone else has licences adjacent to us – Noble Helium – this is their presentation -

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02510171-6A1086641?access_token=83ff96335c2d45a094df02a206a39ff4

Their southernmost licences, are immediately adjacent to out northernmost licences.

In their presentation they make it appear that much of their licence area is on land

https://www.flickr.com/photos/194934344@N06/52157070108/in/dateposted-public/

a bit sneaky – as they use the 1950 Lake Rukwa coastline. The lake has expanded since then and is now much wider – see here

https://www.flickr.com/photos/194934344@N06/52156773915/in/dateposted-public/

So much of their licence area is underwater – Heritage Oil, who were originally intended to drill for oil around here estimated that the cost of a drill in the lake would be $50 million per well. Prohibitive.

So the only places that Noble could drill at Rukwa are either the smaller prospects Dagaa, Kachinga or Mbele around 30km to 50km NW from Tai, or on the other side of the lake within the game reserve. That side would also pose problems as it is very steep, as the Lupa fault forming that side of the lake is in the form of a precipitous hillside.

Noble have declared that they are looking for drill to around 3000M in late 2023, Ivuna-1 hit basement at 2500M, and the basement on the western side of the lake is shallower as shown by the TVZ-7 seismic line– hence it is not just He1, I believe, who are looking at the rig selected, but Noble as well, thus why the rig has to drill much deeper than the basement at Tai, and why He1's plans to drill in Q3 2022 were first disclosed in Noble's presentation.

Cont...

Part 3/cont...

Sharing the rig would also allow He-1 to drill a couple of wells in Q2 2023, before handing the drill to Noble to their initial drills.

Also Noble have allocated A$4.5M to exploration at North Rukwa in 2022 including 100km of 3D seismic, which seems to be excessive.

In addition, in the summary of their presentation Noble actually combine their own potential assets with those of He1, which I'd suggest is a bit unusual, unless there was some unseen, possibly informal cooperation between the two.

https://www.flickr.com/photos/194934344@N06/52156061687/in/dateposted-public/

There must be some communication as we first heard about the Q3 He1 drill from Noble, not He1. Of course a discovery at He1 would likely boost the share price also of Noble which is down from 48c at the April 2022 IPO to 16c now.

As to when He1 drills, working backwards, they need to be cleared up by mid December for the rainy season. So allow a couple of weeks contingency, cleared up by end November. Four weeks to spud, drill and test, spud by end October.

In the DT interview nearly four weeks ago DM was already targeting end Q3 to drill – read end September, so any delays or problems at all, and any contingency, which is already is down to just four weeks pre spud, is further eroded.

Hence my thinking that Tai-3 will be the only well drilled in 2022 with spud mid October.

But that is all they need for the discovery – and then the shares will rise very significantly.

So my scenario for going forwards is -

Spud mid October 2022– discovery and test (assuming such) by mid November – pack up end November – winter the rig at Mbeya 60km away – fund raise early 2023 – redrill a couple more wells @ Tai Q2 2023– allow Noble to use the rig Q3 2023 for their two wells – He1 drills another couple of wells near Ivuna-1 Q4 2023, and also exercises the option to buy the rig with the funds raised.

Such cooperation is a win win, saving precious money, time, firming up the Rukwa prospect as a whole and avoiding duplication for both He1 and Noble just at a time when the money taps have been turned off.

Hopefully by summer 2023 economic prospects may be looking a little better, no guarantee though, and markets could be through the worst, albeit at generally much lower levels than presently.

On the other hand I may be way off beam.

I think it is more like 92% of shares were subject to a decline in volume from the average.

So basically people were adverse to trading, but as the market went down significantly seller's outweighed buyers.

Dv/av is declining volume/average volume- some think a measure of investor sentiment

Interesting stat I saw on Twitter....and perhaps an indication that we are in little charted territory, and four of the five following dates are associated with times of conflict.

"Monday was a 92:1 down day, the worst dec vol/adv vol day since 11/19/2011.

3 consecutive 10:1 down days for 1st time since Aug 2015 based on @NDR_Research Multi-Cap universe.

Using NYSE data back to 1940, only other cases were in Feb 1941, Aug 1943, and Sept 1953.

Ed Clissold
@edclissold"

So He1 perhaps not doing so badly really.

And tomorrow is Fed day!

Chill chaps (and chapesses) - He1 does not operate in a vacuum.

It all depends on which way the US and Asia go tonight. If poorly, then He1 likely to open down tomorrow.

S&P hasn't closed yet, but the last time all S&P 500 companies closed red was 1990. So we are possibly in the midst of a fairly major market correction. He1 can never buck that. QE is in reverse and money is being sucked out of the US economy, so the rules have changed, and interest rates likely to be jacked up later this week.

My big takes from the 121 presentation were DM saying Russian He was to provide 25% of the market in a couple of years, now it will be 0%, and He1, if successful at drilling, would ultimately be able to control the price of He on the world market, possibly for up to a century.

Reflect on that.

This could be the best share you will ever own.

But you likely won't find out until sometime this coming October/November.

Not long to wait.

Ignore the turmoil, place your bets, and focus on more than the next few weeks.

Hi Dai - you hit the nail on the head there.

The whole point of the multi layered maps is that I haven't drawn anything - aside from the dashed white line showing the perceived (by me) path of the anticline.

Everything has been drawn by DM (or one of his cohorts).

So the Tai area, outlined in blue, is what DM has drawn. I am merely trying to interpret what we see, based on his drawings.

DM did mention a nearby Lake Bed play - I'm not sure where that is. Presumably somewhere within the blue area, but not right next to the existing Tai-1 pad.

As for it being within the MSS image, that is between the S fault forming the southern boundary of Tai and what I have called the second southern fault - I don't think so. The whole point of the MSS image is to show that gas is escaping to the S of the blue edged area, but not from within the blue edged area itself.

So in other words gas is not trapped when outside the blue edged area and flows to the surface, but is trapped within the blue edged area, and thus can form a reservoir of helium, which can be drilled.

The "sausage" or anticline runs SW to NE shown by the dashed white line.

This

https://www.flickr.com/photos/194934344@N06/51878621687/in/dateposted-public/

at line 14 shows it sliced width ways or across the sausage, into sections. Line 14 is shown on my plan running SE to NW in yellow (again drawn by DM) cutting across the white dashed line. The anticline must be here because DM would only drill on the anticline, as that is where the gas will gather, in the highest part of that particular rock strata.

Line 14 "cuts" the "sausage" or anticline, but only electronically so it can be shown on the map and seismic.

But the fault which I've called "southern fault and boundary" cuts the "sausage" physically, shearing the "sausage" apart so now the sheared southern end of the "sausage" no longer meets the porous rock forming the rest of the "sausage" to the SE but meets impervious rock so the gas is trapped (theoretically) by the fault within the porous rock of the "sausage" and can no longer escape.

It sits there, possibly for millennia, for DM to come along with his hat, boots and a dirty great big drill.

All IMHO, DYOR etc.

Hope this helps.

Dai, are you sure you're not the plant?

Part 1

I thought (FWIW) that I'd give my rather amateurish interpretation of what we see from the images provided by He1 in the various presentations during this quiet period, and whilst we await some action later in the summer/autumn.

Sorry if some think it is a bit repetitive, which it is to an extent.

But before that I do think that we (pi's) have a great deal more information to play with than we had in 2021. It wasn't until the MSS photo provided earlier this year that we could even locate Tai-1, as the coordinates given by the company were at least several km out.

That they now give us much more, although in snippets, I take as a sign of confidence in the project.

The most important thing is that the various snippets all seem to contain seismic lines, which with the location of Tai, means that you can geolocate all the various snippets and their relative locations to each other.

This is a map showing the various features at Tai, with overlays from pages 9, 10 and 11 of the latest (March 2022) presentation together with the MSS map tweeted in January 2022.

https://www.flickr.com/photos/194934344@N06/52090717599/in/dateposted-public/

Tai is outlined in blue. The fault map is a bit fuzzy as it was contained in a "bubble" in the presentation so has been blown up quite a bit to fit with the other maps. The fault map in more detail is here.

https://www.flickr.com/photos/194934344@N06/52076987367/in/dateposted-public/

This shows seismic taken from an earlier presentation (January 2022, I think), which actually shows slightly different fault lines to the latest map, this appears to be a simpler map, but the important thing is that the seismic shows the direction of the dip and the presumed location of the potential reservoirs.

https://www.flickr.com/photos/194934344@N06/51878621687/in/dateposted-public/

And this is my interpretation of what we may be seeing here and why they are going back to Tai, forsaking everywhere else.

https://www.flickr.com/photos/194934344@N06/52123572409/in/dateposted-public/

The potential Tai reservoir is bounded on the west and the south by significant major faults, and to the east by numerous other small faults. The dip is towards the NE, so the reservoir should be trapped by the SW fault, which is at the highest point, which is close to where Tai-1 was drilled, and is shown in the line 13 dip line diagram.

The line 14 diagram shows the rock folds and the highest point of the potential reservoir the anticline, and Tai-1 was presumably drilled on top of the highest point of this, I've interpreted this highest point, the anticline, as trending in a SE NW direction, as shown by my white line.

I think of the potential reservoir location (the anticline) as a a sort of underground sausage, angled slightly upwards, with the uppermost bit against the fault, preventing escape.

Cont/

Part 2

Cont/...

The surface helium emissions shown in the MSS survey also seem to be bounded by fault lines to the N and S. The N fault is the same as the fault that encloses S most part of the potential Tai reservoir, but the surface emissions also seem to be bounded by a fault to the S.

So clearly the helium is not trapped in the area between these two faults, but flows to the surface and escapes.

But the surface emissions appear to stop, or at least are greatly diminished anywhere to the N of the fault forming the S boundary of the Tai enclosure.

And the helium emissions also seem to be strongest in a line with the Tai-1 well (my white line) suggesting that the helium is being continually produced at this location and that the anticline continues S of the fault line, and the helium is migrating to the highest point in the rock formations, in line with the anticline, as it makes its escape to the surface, always taking the line of least resistance.

But S of that line is no longer trapped, the trap being the fault itself, and hence as there are no emissions N of the fault line, the potential reservoir does actually exist and is retaining the helium, preventing it flowing to the surface N of the S fault boundary.

Of course the MSS survey only covered a very small area, and missed out most of the Tai area itself, so we don't know what emissions occurred (are occurring) outside this location, but I think He1 wanted to illustrate that the helium was only flowing out S of the fault and that there was an effective seal and trap to the N.

The company, of course, as vastly greater amounts of data than the few snippets with which we are provided, but to my mind this illustrates why they remain confident.

They will take their time to get everything right after the problems last year, which my annoy impatient shareholders, but there are professionals going after the big prize, so they take their time and do it right (this time).

KO - excellent as always.