Member Info for skittish

Just for clarity to discernible activity at Tai-3, although partly obscured by cloud) or at Camp Rukwa.

Just a quick update on my present thoughts - Sentinel today

https://www.flickr.com/photos/194934344@N06/53602118305/in/dateposted-public/

this is Itumbula SE 20, 10 and 0 days ago, and this is it annotated by me

https://www.flickr.com/photos/194934344@N06/53601861453/in/dateposted-public/

it looks to me that the equipment that appeared to have been moved from Itumbula W (where the well was) to I SE has now left I SE as the pad looks almost clear. The number of white containers may also have diminished, as they now look less distinct. Unfortunately I W was obscured by cloud so you can't say that they haven't been taken back there, but maybe both I pads are now clearer than they have been for some time past, only another set of images revealing both pads will confirm.

There may also be further activity at Nobles Base Camp as an image 3 days ago revealed a boat moored nearby

https://www.flickr.com/photos/194934344@N06/53596770777/in/dateposted-public/

This is reminiscent of Noble surveying in 2022, the boat appeared to have moved today, but again we need more images to confirm. This could well tie in with the Tz Mining Portal revealing this

https://www.flickr.com/photos/194934344@N06/53561927247/in/dateposted-public/

Noble could be about to apply for more licences as Reserved 4 month Areas have appeared next to their present licences, they may be surveying prior to making applications - maybe?

And on the Tz Mining Portal concerning Eyasi Greta Greenfields applied for some Gold Mining licences over areas for which He1 had applied for helium licences. Greta was granted the licences on 4-3-24 but was knocked back on the areas for which He1 had already applied see here

https://www.flickr.com/photos/194934344@N06/53590990804/in/dateposted-public/

Now Greta ain't just any old outfit but is part of Anglo Ashanti listed on the NYSE etc, a $9Bn company, so it could just be a timing issue, or...He1's applications have priority. This is how the licences overlapped

https://www.flickr.com/photos/194934344@N06/53593048518/in/dateposted-public/

Now if He1 is going to go to Eyasi (and it is purely my conjecture at present where are they likely to drill, or rather what areas need to be watched for unannounced activity? This is a working project, but based on a few paramenters there may only be a few places which He1 can drill with its owned rig, which can go to 2500M. This is a depth map of Eyasi

https://www.flickr.com/photos/194934344@N06/53602149031/in/dateposted-public/

if they wish to reach basement then much of the basin is out of reach. If one further define drilling areas as based on a 2D seismic line, within He1's applied licence areas, shallower than 2500 metres then there are only a limited number of areas which need watching.

Continued...

If one further define drilling areas as based on a 2D seismic line, within He1's applied licence areas, shallower than 2500 metres then there are only a limited number of areas which need watching This is the depth map

https://www.flickr.com/photos/194934344@N06/53601861908/in/dateposted-public/

and this is it overlaying He1's licence areas

https://www.flickr.com/photos/194934344@N06/53600780267/in/dateposted-public/

and these are the preliminary areas which I've identified for watching for any activity

https://www.flickr.com/photos/194934344@N06/53602167325/in/dateposted-public/

Of course there are a number of assumptions made they may go for an intra basin play, so as not needing to get to basement, but with what they have at Itumbula if they want the helium (as well as the chance of oil and gas) the basement looks to be an essential target. so you are looking at an elongated are in the middle of the basin and the eastern end just beyond Lake Eyasi. Don't expect any activity as yet, but come end of April things could develop.

Hope it all makes sense.

Very quiet concerning Sondrel while we wait for the EGM. Very few trades and no commentary. Odd really, IMHO.

Surprised that there has been no commentary on this

https://www.bbc.co.uk/news/business-68622781

"Elon Musk's brain-chip company Neuralink has shown its first patient moving a cursor on a computer using an implanted device.

In a nine-minute livestream on X, formerly Twitter, Noland Arbaugh uses the cursor to play chess online.

Mr Arbaugh was paralysed below the shoulders after a diving accident and received the chip implant in January.

The company's goal is to connect human brains to computers to help tackle complex neurological conditions.

"The surgery was super easy," Mr Arbaugh said during the presentation.

Mr Arbaugh also said that he had used the brain implant to play the video game Civilization VI. Neuralink gave him "the ability to do that again and played for eight hours straight", he said."

Both subsidiaries of Sondrel plc, Sondrel Ltd and Sondrel Soc Solutions Ltd adopted new Articles of Association today following resolutions passed at a GM, held today.

As at least 14 days notice of a GM is required then the GM must have been called on or before 28-2-2024, which by coincidence was the date of the recent low point of the share price at 9p.

This suggests that the refinancing has been underway since before that date as the new Articles are necessary to deal with the potential requirements of Roxi. Also new charges registered against various of the companies dated 6-3-2024.

All suggests that all is going according to plan and that the refinancing has actually been underway since well before before 28-2-2024.

Otus reduced on 27-2-2024.

Briefly, and not positively conclusive by any means, new views from Sentinel yesterday. Initial interpretation is that it has rained heavily in the area over the last few days making identification of some issues difficult. But it does appear that some equipment may have now left the pad at Itumbula W

https://www.flickr.com/photos/194934344@N06/53582072765/in/dateposted-public/

and some equipment may have arrived at the Itumbula SE pad

https://www.flickr.com/photos/194934344@N06/53581853543/in/dateposted-public/

No change to the accommodation/office type containers. Also no real change at Tai-3

https://www.flickr.com/photos/194934344@N06/53580764717/in/dateposted-public/

although it appears vegetation is now growing on the pad. I suspect the rig is no longer at Itumbula W, whether it is at Itumbula SE, or further afield is impossible to say at present.

As to Noble there are also things happening in Rukwa, this is Nobles camp recently

https://www.flickr.com/photos/194934344@N06/53576201912/in/dateposted-public/

clear and significant activity over the last month, much clearer in fact than activity at Itumbula. Impossible to say at this resolution what the new objects are, they look like containers, are parts of the new modular plant already there, or just better accommodation than they already had?

They actually look similar to He1 accommodation containers, here

https://www.flickr.com/photos/194934344@N06/53372150871/in/dateposted-public/

but as I say impossible to say at this resolution. By way of control this is Nobles Camp last summer, now looking very different

https://www.flickr.com/photos/194934344@N06/53248908958/in/dateposted-public/

The right hand photo shows Noble accommodation at the beginning of October 2023. Within a month of that image all the huts/accommodation of the western half of the camp had been removed.

As to drilling these are the faults they are targeting with my interpretation of where they drilled

https://www.flickr.com/photos/194934344@N06/53351143405/in/dateposted-public/

they hit the sweet spot at around 900M, but why couldn't they hit a similar sweet spot at say 300M much shallower, where the fault is nearer the surface? The costs of this would be around £200K per well (taken from PURA costs of core drilling at Eyasi in 2020) thus making even moderate flow economic. This I think is the sort of costs Noble are looking at over the coming summer. Clearly they appear to be moving ahead with their declared summer programme.

Continues to repay debt and extinguish charges....

https://www.flickr.com/photos/194934344@N06/53568592027/in/dateposted-public/

to add to this one

https://www.flickr.com/photos/194934344@N06/53562848578/in/dateposted-public/

not bad for a company with no money.

Two remaining charges at Sondrel Limited at least one of which (26-7-23) was provided against future receipt of a £1.2M tax break per accounts. Not sure what the other one (28-9-23) was in respect of.

Loss to y/e Dec 21 was £3.4M

Loss to y/e Dec 22 was £2.6M, after adjusting for IPO costs

Loss for 6 months to June 23, last results available, was £2M.

So the fundraise of at least £6.9M should be enough to do them for at least 12 months, and possibly 18 months depending on revenue streams, additional costs going forwards.

I would think that this is designed to reassure some wavering potential clients that it is safe to put their business with SND.

I expect some juicy RNS's over coming months, and important new revenue streams.

But Monday for sure should be "interesting".

The latest images from Sentinel suggest that He1 are packing up at Itumbula W and that the rig *may* soon be on the move.

But it does look as if they've finished at Itumbula W for now.

These are images showing the movement of equipment over the last 10 days, taken 11 days ago, 6 days ago, and yesterday They are very fuzzy, Sentinel is really a land use tool, not for detailed reconnaissance (but it is free) but clear changes can be seen. Similar to Tai-3 when they were packing up there.

Question is is the disassembled rig to remain at Itumbula W pending the end of the rains around end April, or is it to be moved to a new location within Rukwa or even further afield?

Annotated image

https://www.flickr.com/photos/194934344@N06/53562864134/in/dateposted-public/

Original image

https://www.flickr.com/photos/194934344@N06/53562540181/in/dateposted-public/

False colour, highlighting changes better

https://www.flickr.com/photos/194934344@N06/53562815438/in/dateposted-public/

No really significant changes at Itumbula SE (maybe some vehicle movements), no discernible changes at all at Tai-3 or Camp Rukwa.

The thing with the balance of the share issue being by rights issue, if indeed that is to be the case, and it is only my surmise at the moment, is that it doesn't really matter too much at what price it takes place.

Everyone gets to participate in equal pro rata shares, including the new investor. With the company talking about end of March for completion they possibly were being either super cautious, or the balance of £6M will be completed by then possibly based on an average price in the preceding days.

Throw in a couple of juicy RNS's between now and then, now that customers' confidence is restored and they could do that raise at a much higher price than the shares are now, and thus ultimately have fewer shares in issue, which could be important long term.

Satisfaction of Charge from the main lender to Sondrel for the last decade

https://www.flickr.com/photos/194934344@N06/53562848578/in/dateposted-public/

Wonder who their new lender of choice is? I have an idea, but just a hunch.

It is a done deal.

Satisfaction of Charge - 0727 5279 0001 dated 18 July 2014 in favour of HSBC registered against all real and intellectual property of Sondrel satisfied in full registered at Companies House at 20.04 this evening.

They have obviously received the money and have paid all their debts, and no doubt the staff as well.

Unless they've done a "cashbox" type raise then the two step approach is interesting.

Under resolutions at the AGM Sondrel could only issue around 8m new shares via a placing. As it would appear they have raised £.75M @ 10p in the initial stage these would be the placing shares issued to the initial funder - around 7.5M in total using the majority of the available placing headroom, diluting Mr Curren but not significantly so.

I'd then expect the balance of circa £6Mish to be via a rights issue, in which the new shareholder is also to participate, as the conversion of the CLN into shares is now mandatory. Mr Curren will be diluted by around 10% in total but will retain an interest of around 38% or so.

All IMHO, DYOR etc

RNS 7.00am Monday.

Standby for Action!

And following on from that provided there's no RNS tomorrow, not expecting that, as payroll is almost the biggest expense over the next 30 days, then they can now probably get to the end of March, without a cash injection.

I can envisage a situation in which Mr Curren, determined to protect his % shareholding, is rejting most of the professional advice he is receiving and is prepared to 'wing it' to achieve the outcome he desires.

Squeakybum time, but bodes well IMHO for the long term future of the company and current shareholders.

He ain't going to let this go bust.

The staff may or may not have been paid.

However we do know that the company is not allowed to trade whilst insolvent, that is against the law, so presumably either they have been paid or a sufficient numbers have agreed to either partly or wholly defer payment, thus allowing the company to remain solvent and continue trading.

As they said that they couldn't pay all of payroll without support it is reasonable to assume that deferment has taken place, allowing the company to meet all its other financial obligations as and when they fall due.

Notwithstanding the provisionally agreed terms with the main supplier to improve payment terms it is still the case that the company requires a cash injection of some sort.

If there is no "we've gone bump" RNS at 7.00am tomorrow then we can assume that they will continue to shamble along on the current basis for a little while yet. I'm not expecting a "we've gone bump" RNS tomorrow and if Mr Curren plays poker I'm sure he is very good at it.

I would think that staff would not have agreed to defer their wages, particularly in such a competitive environment, if there was not a reasonable prospect of the company continuing to trade and those wages being paid within a reasonably short timescale.

As happened in December/January.

Maybe this was the reasoning of buyers earlier today, pushing the price up a little.

Despite the share price having almost doubled in the last few weeks Mr Ball still sees these as worth buying.

Corporate action coming soon?

SND still require cash and pretty soon too.

And this is from an earlier post on Telegram which you need to make complete sense of the earlier post

"Oops - (keeps posting when i don't mean it to) from here https://www.ajol.info/index.php/tjs/article/view/207037 , it actually refers to brine, so may not all be salt. But it is clearly entering the springs under pressure. On flikr I've done a few images showing that it appears that the discharge of helium and salt/brine across Itumbula are clearly linked, and that the areas of the most prolific salt/brine discharge are also those, almost without exception that discharge the most helium. The salt/brine clearly comes up from below under pressure, suggesting that the whole system is pressurised right up to surface. I'm sure He1 have loads of information which they don't readily disclose and have known this for ages. i think it is going to take them a while to work out what may be going on and the results are unexpected to an extent, hence LB says "plans have changed". But from what - to what? I think it is going to take then a while to work it all out, and what is clear from the previously posted article is that majors are reluctant to come on board whilst the initial number crunching is still going on - remember this is the result from just one well. Only around 1.5km from IW the helium appears to escape to the atmosphere.

https://www.flickr.com/photos/194934344@N06/ I don't know if this link allows anyone to toggle between the images, but that is how you get the most out of the paired images, which shows the area "in clear" as it were and then with the helium emission overlay. All the small circles are where the salt is collected. all the information is from GE, Sentinel and various He1 presentations

This image

https://www.flickr.com/photos/194934344@N06/53551233049/in/dateposted-public/

shows the same area as this, with helium emissions

https://www.flickr.com/photos/194934344@N06/53551232944/in/dateposted-public/

indicating that the salt production areas are the same as those which produce the strongest helium emissions.

These are again in pairs showing the same in relation to Itumbula

https://www.flickr.com/photos/194934344@N06/53550875571/in/dateposted-public/

https://www.flickr.com/photos/194934344@N06/53551319395/in/dateposted-public/

And these show how land use, and even field boundaries are influenced by the helium emissions coming out of the ground. You can't see it or smell it, but somehow it influences field boundaries -

https://www.flickr.com/photos/194934344@N06/53549995902/in/dateposted-public/

https://www.flickr.com/photos/194934344@N06/53551304300/in/dateposted-public/

Flick back and forth between the paired images for best results.

Taken from Telegram

The gods have smiled again and Rukwa can be seen very clearly by Sentinel earlier today. Most of Tanzania is cloudy. The images confirm no movement that can be discerned at Tai-3, and Camp Rukwa which was obscured by cloud 5 days ago indeed looks to have been abandoned. This is an overall view of Rukwa

https://www.flickr.com/photos/194934344@N06/53551916698/in/dateposted-public/

this is an annotated version

https://www.flickr.com/photos/194934344@N06/53551720981/in/dateposted-public/

showing where everything is located. The most amazing thing to me is that the areas of the strongest helium emissions outlined in the previous set of images can actually be distinguished on the image, they appear greener than the surrounding area. A number of fault lines, which mark changes in land use and helium emissions can also be distinguished. These are the Itumbula pads, top today, bottom 5 days ago.

https://www.flickr.com/photos/194934344@N06/53552167310/in/dateposted-public/

Obviously quite grainy, if anything today is quite a bit clearer than 5 days ago. Whilst difficult to be certain due to the resolution it appears that some equipment may have left Itumbula SW, the bottom of the pad appears a little more "empty". There may (and I only say may) be a little movement at Itumbula W, that pad appears slightly more crowded. Usually you need a number of images to be actually certain of movement, as atmospheric conditions make a difference to how things look, but this is a hint that some equipment *may* have been moved from I SE to I W over the last 5 days. And the salt collection in this area has been ongoing in one form or another for almost a thousand years, so the salt is clearly being replenished from somewhere.

It looks like someone (possibly several people) went on a bit of a spending spree in the last hour of trading on Friday.

See what transpires Monday, if anything.

23-Feb-24 16:35:26 5.00 162,982 Buy* 4.00 5.50 8,149 UT

23-Feb-24 16:29:56 5.125 20,000 Buy* 4.00 5.50 1,025 O

23-Feb-24 16:29:33 5.125 9,570 Buy* 4.00 5.50 490.46 O

23-Feb-24 16:29:32 5.125 10,000 Buy* 4.00 5.50 512.50 O

23-Feb-24 16:29:07 5.00 10,000 Buy* 4.00 5.00 500.00 O

23-Feb-24 16:28:44 5.00 10,000 Buy* 4.00 5.00 500.00 O

23-Feb-24 16:25:47 4.96 10,000 Buy* 4.00 5.00 496.00 O

23-Feb-24 16:05:44 4.96 1,593 Buy* 4.00 5.00 79.01 O

23-Feb-24 15:59:30 4.50 100,000 Buy* 4.00 4.50 4,500 O

23-Feb-24 15:58:47 4.482 66,822 Buy* 4.00 4.50 2,995 O

23-Feb-24 15:57:50 4.332 3,000 Buy* 4.00 4.50 129.96 O

23-Feb-24 15:47:02 4.4318 80,000 Buy* 4.00 4.50 3,545 O

23-Feb-24 15:30:16 4.25 73,646 Sell* 4.50 5.00 3,130 O

23-Feb-24 15:30:16 4.26 -73,646 Unknown* 4.50 5.00 -3,137 O

23-Feb-24 15:30:16 4.26 73,646 Sell* 4.50 5.50 3,137 O

23-Feb-24 15:28:52 5.199 40,000 Buy* 4.50 5.50 2,080 O

23-Feb-24 15:25:23 5.00 15,000 Unknown* 4.50 5.50 750.00 O

23-Feb-24 15:25:21 5.50 18 Buy* 4.50 5.50 0.99 O

23-Feb-24 15:17:00 4.9898 25,000 Sell* 5.00 5.50 1,247 O

23-Feb-24 14:44:22 5.05 50,000 Sell* 5.00 5.50 2,525 O

23-Feb-24 14:44:10 5.359 2,435 Buy* 5.00 5.50 130.49 O

23-Feb-24 14:18:45 5.40 18,444 Buy* 5.00 5.50 995.98 O

23-Feb-24 14:02:32 5.26 71,000 Buy* 5.00 5.50 3,735 O

23-Feb-24 14:00:24 5.00 150,000 Sell* 5.00 5.50 7,500 UT

23-Feb-24 13:50:04 5.50 78 Buy* 5.00 5.50 4.29 O

23-Feb-24 13:50:04 5.50 96 Buy* 5.00 5.50 5.28 O

23-Feb-24 13:50:04 5.50 36 Buy* 5.00 5.50 1.98 O

23-Feb-24 13:50:04 5.50 181 Buy* 5.00 5.50 9.96 O

23-Feb-24 13:50:04 5.00 200 Sell* 5.00 5.50 10.00 O

23-Feb-24 13:50:04 5.00 27 Sell* 5.00 5.50 1.35 O

23-Feb-24 13:50:04 5.50 500 Buy* 5.00 5.50 27.50 O

23-Feb-24 13:50:04 5.50 1,000 Buy* 5.00 5.50 55.00 O

23-Feb-24 13:50:04 5.50 600 Buy* 5.00 5.50 33.00 O

23-Feb-24 13:50:04 5.00 100 Sell* 5.00 5.50 5.00 O

23-Feb-24 13:50:04 5.00 727 Sell* 5.00 5.50 36.35 O

23-Feb-24 13:50:04 5.50 90 Buy* 5.00 5.50 4.95 O

23-Feb-24 13:50:04 5.50 18 Buy* 5.00 5.50 0.99 O

23-Feb-24 13:50:04 5.00 50 Sell* 5.00 5.50 2.50 O

23-Feb-24 13:50:04 5.00 25 Sell* 5.00 5.50 1.25 O

23-Feb-24 13:49:06 5.29 99,055 Buy* 5.00 5.50 5,240 O

23-Feb-24 13:44:58 5.25 62,500 Unknown* 5.00 5.50 3,281 O

23-Feb-24 12:33:52 5.025 866 Sell* 5.00 5.50 43.52 O

23-Feb-24 10:05:09 5.29 945 Buy* 5.00 5.50 49.99 O

23-Feb-24 09:59:02 5.025 192 Sell* 5.00 5.50 9.65 O

23-Feb-24 08:48:55 5.30 9,339 Buy* 5.00 5.50 494.97 O

No reaction as yet to the award of management options in CPH2, at various prices but mostly the vast majority dependent on a share price of between 60p to 80p.

Current price around 10p, PRIM sitting on a big loss atm, but indicative of a direction of travel, perhaps.

PRIM remains unknown and unloved outside of a select few.

Hopefully that might change.

I think that is why it is taking a while to release the results, and it may be a while yet. I saw this interview as a fort holding exercise.

What they have here seems to be somewhat unique, and they aren't quite sure what it is. No doubt lots of number crunching and modelling going on.

My understanding is that it is not the reduction in temperature which releases the Helium but the reduction in pressure as it flows upwards.

LB mentioned it was not a conventional matrix, there is no permeability to be discussed, there is no reservoir to be modelled as such, the stuff is flowing directly out of the deep seated fault, and really from who knows where?

I'm not sure Helium One know. It could be from a number of km below surface.

Contrast that with Noble who are saying that they have a conventional shallow reservoir, which no doubt can be much more easily modelled.

https://www.flickr.com/photos/194934344@N06/53523716110/in/dateposted-public/

I would assume that SND, given their present predicament, will have received numerous and varied offers of finance/takeover terms.

Presumably Mr Curren is resisting selling out cheaply to some opportunist, whether they be large or small.

I would guess that he would wish, so far as is possible to maintain his present stake in the company, so is looking for an offeror who would be willing to enable him to do that, possibly the majority of the finance by way of interest bearing loan, say £4.5M, repaid over a number of years, with say an additional £1.5M via equity at around 15p.

The vulture funds would be unlikely to ever go for such terms but there may be some boutique outfit somewhere, who could see their way to making a killing from offering reasonable terms.

And Mr Curren would be able to maintain most of his 40% plus interest depending on how the matter were structured and financed overall.

Long term it would be very attractive, but the vulture funds work on too short a timescale.