Member Info for thetriplestar

Helium One: Provided an update on progress at its Rukwa (100%) project area in Tanzania including details of its planned Phase II drilling campaign:
? Letter of intent ("LOI") signed with Baker Hughes to provide integrated services to Rukwa Phase II drilling campaign (LOI is only that, Baker Hughes could pull out with a quick email at anytime)
? Target spud date of January/February 2023 - subject to successful completion of rig audit and contract agreement (printed himself another get out of jail free card - I suspect will use audit not complete card or contract not agreed as yet card to delay drilling to May/June)
? Baker Hughes has provided a low-cost solution by mobilising equipment already active in Southern Africa (obviously, doesnt mean anything at this stage as not formally agreed - only intended)
? Rig audit continues to demonstrate value by identifying and resolving engine component wear issues prior to mobilisation to Rukwa (obviously heavily worn piece of equipment, another risky move he took which has now resulted in failed 2022 Discovery plans)
? Licence renewal process commenced including relinquishment of non-prospective licence area totalling 1,548 km2 saving US$309.6kpa (so what - license renewal "commenced" - should have been done well and truly by now, he said previously they had been renewed, he could see on the website but didnt have formal notice of that - risk is now complications with this renewal process)

NOTHING IS CONFIRMED IN WRITING meaning that any elements detailed here could simply fall over and that be it. What an appalling CEO. His performance as project lead is poor. Investors surely have lost confidence in him. I have.

Exactly - so Minch is misleading investors to the reality since the first failed drill - remember the crap with the 2nd drill to allow the drilling company to trade out before he drops the bomb and closes Phase 1 - then the rest of the news flow has been a load of crap - he needs to go - there is no excuse. You cant drag investors along like that and so obviously so.... He is CEO of a listed company not CEO of a pet project of his. The Board should be on the look out for a major hitter to come in and take this project forward from this point.

he has agreed nothing for the project - there is no signed agreements anywhere - just plans to do so and this has been the case for a very long time. Minch needs to go. The project needs new vigour, new more engaging CEO, who knows how to make use of capital markets more effectively, reduce the risk for the project, use connections in the business to get deals done and get this project up to a level it deserves to be. I watched MINCH on his interview this morning - very lightweight and he was just reading detail from RNS - really appalling he doesnt cover all the other elements like funding for example, doesnt give an opinion on why he things he can pull off drilling campaign in the wet season, etc - there are just too many questions and he answers none. He has to go. He had his chance, get a more heavyweight person in to take this forward.

HE1 needs a reboot. 2 years of failure and taking the investors for a long winded ride through horrific project management and expressing extreme vagueness and constantly saying things that never come true. Thoughts?

Minch is just dragging it along and should go. the project needs a new lead, someone much more tuned in to shareholders and project success. he is doing it on the very cheap - tight fisted and it is costing the project progress and devastating shareholder value. Here he is saying he will plan now to drill in wet season, just doesnt cut for me - he has to go. That is my view.

No I haven't filtered anyone - I appreciate all points of view - just expressing mine. I remain heavily invested in this project, I cant get out as the fall is too high for me to contemplate - so I am obviously holding on. Its great to see the positives coming from you guys - like I say, I hope I am wrong. Not convinced there are big players involved. I reckon HE1 is buckling around with a very difficult situation and they are stressing out about telling the market that they have failed and therefore 2023 is the go - subject to license renewal and another funding round since this £10m is probably nearly blown.

Yes gogsthelogs, perhaps Ian's record and abilities has been a bit overrated here. Minch probably is in over his head has no idea how to pull this off. The paid geologists on the team probably happy to provide advisory services to back up the helium story in the RUKWA but there doesnt seem to be much else coming from the team. Even their basic admin is out of date the website is old news, the twitter account pegs at the top a very old presentation, its all rather stale and now on best outcome basis, we have a possible drill on the rush and at worse, no drill, loss of licences and project failure. Ian walks off as he has other project he is working on, Minch walks off and takes a senior Geo role somewhere else, and thats it.

the problem I have is that I didnt want to invest in an all or nothing project - I thought I was investing in the team, the skills and experience, the motherload of Helium under the Rukwa and a well thought out project plan that has Plan B, Plan C etc and taking advantage of excellent funding opportunities that could fund multiple drill programmes - not a tight fist on a bunch of dollars and betting on one single drill at Tai which hasnt even been confirmed yet. I really though we would get a better run with this project - I mean come on, what has he been doing all year? Constantly begging people for a drill and failing and now finding one in a junk yard to do up and possibly still fail with that? I dont really expect this low-level calibre - but it is what it is - just hope that we simply get a discovery this year. Thats now under extreme time pressure - so lets see... fingers crossed. Thats all we can do. No wonder no new money coming in though - he has effectively made the project a total gamble with huge risks and in my belief that was unnecessary. Could have been a well funded cleanly articulated project, website updated, updates to support investors, drill programme confirmed along with a drill earlier in the year. But no... not to be. I am surprised Ian S hasnt replaced Minch earlier on in the project given the potential that we could all be giving up soon.

Minch is giving the market no assurance at all this year - just constant stream of updates that never meets what they say the market can expect. What happened to the shallow drilling plans talked about last year? Does anyone actually think Minch works full time on this project? What has be been doing all year except a few presentations?? His lack of regard for his investors is appalling.

well its been nearly a month since they seemed to indicate they would begin the remainder of the drill audit (ie) the final 20% involved in the exercise. I suspect that if there was any issue in that we would already be informed as that would be sensitive info required to be released by RNS - therefore, my impression today is that they must have concluded that and now finalising all the agreements with the drilll, drill team, timeline, possible off take agreements, etc - then release one bumper RNS with all the details to clear the slate and move on with this with better vision and clarification on all elements of the projects. if this is the case, well done to the HE1 to keeping all this watertight.

No.1-P .... no new money coming in to this for long time I reckon... their Investor Relations are poor quality / low grade.

I am not stressed - I just cant believe that such a great Project with such great potential and investigative history behind it all (ie) Oxford studies, that it actually turned out to be so badly managed! One can only point a finger at Minch and Stalker as they are the leads with all this. Even if they come and say yes we have drill we mobilising we drilling and we got discovery it would be an absolute FLUKE - not because it was very well managed and success is down to Minch. At this time nearly mid Sept - not at site drilling - is bad; if it works out - it be a FLUKE - this is not smart stuff from project management. I consider it a fail from a project management perspective, I wouldnt hire Minch based on this performance. But of course if he declares a discovery I would pat him on the back and say 'what a fluke, you did it, but it was a fluke, luck, not you'

"In total 14 out of 18 licences will expire be due for renewal during September and October 2022. "

This is very significant - why would they extend licenses to a team that cant get it together on the drilling element of the project what have they been doing all year? Trying and failing, trying and failing, and now trying on putting Humpty Dumpty together again? If we get a RNS that confirms that has failed or everything moves to 2023, what about the licenses. Its been over a year since the failed broken drilling at TAI and they still havent got it back together - should have organised the drill early this year. Again I hope I am wrong with all this - but if they do confirm drill and mobilisation to site they doing a very QUICK job under time pressure before the rains. Love to have some insight to the reality.

actually in addition - Minch said himself he was hoping to renew as mining licences - gosh - he "hopes" or "intends" but where is the DELIVERY??

I remember seeing a large list of licenses with most pointing to a Sept/Oct 2022 renewal time... I think it was in one of their reports - cant recall. But I recall it as I thought thats a very significant element of the project that needs absolutely certainty on and here we are. Plus not exactly seeing any massive buyers coming in - even Minch himself nor Ian arent exactly snapping up these shares... which they are entitled to do right?

My concern along with lack of news, significant delays and how much Minch is taking this down to the wire, his seemingly lack of regard for shareholder concerns - is the licence fees - risks are they don't get extended, and other risk is financial - they cost a LOT. there are many of them at the moment that are in need of renewal and nothing mentioned about them which concerns me. The concern for me is that Minch is bleeding the project right out to a NIL. And of course - I hope that I am very very wrong. Its just a concern obviously...

AP - why do you think the licences are fine - they may not be! No one knows ANYTHING - it could all be a crisis at HE1 offices.

RNS will have to be provided any day soon...

https://www.gasworld.com/noble-helium-announces-farmout-process-to-fund-wells/2023731.article

6th Sept

Helium exploration company Noble Helium has commenced a farmout process to fund the planned 2023 drilling campaign at the North Rukwa Helium Project in Tanzania.

The company has revealed that it is currently in discussions with companies which are expected to conclude upon receival of results from the upcoming Rukwa 3D seismic survey.

According to Noble Helium, the North Rukwa Helium Project contains an independently certified unrisked summed Pmean Helium Prospective Resource of 176bcf (billion cubic feet) – equivalent to 30 years’ global supply.

“The results of the exploration programme this year have underpinned our confidence in the North Rukwa as a helium system that might just change the game,” commented Justyn Wood, Managing Director, Noble Helium.