Investor update

Aug 17, 2023

Slides

Good morning, ladies and gentlemen. Welcome to the Helium One Global Limited investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged. They can be submitted at any time via the Q&A tab that's just situated on the right-hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it is appropriate to do so, and these will be available via your Investor Meet Company dashboard. Before we begin, if I may, I would like to submit the following poll, and I would now like to hand you over to the executive management team from Helium One Global. Lorna, Graham, Sarah, good morning. Thank you, Jake. Okay. Good morning to those of you joining us here in the U.K., and good afternoon and good evening to the rest of you joining us from elsewhere in the world. I'm joined by Sarah Cope to my left and Graham Jacobs to my right. Sarah is our Senior Independent Director, and Graham Jacobs is our newly appointed Commercial and Financial Director, and I am the CEO of Helium One. The first slide is just our disclaimer statement. If we could move on to the next slide, please. Okay. For those of you who are probably very familiar with our corporate structure to date, but this is an updated slide of late. You can see the share chart in the bottom right-hand corner showing our trading volume, which at the moment is currently averaging around 5 million, and our share price is the darker blue curve on the top of that. For those of you who have been with us for some time, you'll recognize the key dates on that chart of when we drilled our first well back in 2021. More recently, we have been trying to secure a rig to fulfill our Q3 drilling program in the Rukwa Basin. A few weeks ago, in the middle of July, we were delighted to announce that not only had we secured a rig, but we had actually purchased a rig. That obviously led to a jump up in our current share price. Currently, we are still on track for a September spud of the Tai-C well. We're looking to spud that well in the second half of September. We drilled the Tai prospect initially back in 2021 with a minerals rig. The company was originally set up from a sort of minerals and mining background. We used a slim hole design. That rig unfortunately presented itself with many challenges, which were not ideal at the time, and unfortunately the well was drilled under suboptimal conditions. However, on the plus side, we were delighted to confirm while drilling that well and using oil and gas mud logging company, GEOLOG, who were monitoring the gas while drilling, that we encountered a series of helium shows at multiple intervals in the Tai One well. For the company, that was really a game changer. That indicated to us that there was an established working helium system in the Rukwa Basin, and something that not only we were originally informed by the surface seeps in the Rukwa Basin, have up to 10.6% helium concentration in them, but to be able to sort of second that data set with a well was hugely sort of instrumental as to where the company is today. The Tai prospect remains our best drill prospect. It offers us the highest chance of geological success, and lowest risk. We very much want to revisit that prospect and redrill it properly with a conventional oil and gas rig in a conventional setting. Just to give you an idea, with the minerals rig, we were drilling the reservoir section in 3.5-inch hole. That's okay if you're coring mineral deposits or ore bodies, but when you're looking for a slightly different level of detail and accuracy, ideally in an oil and gas setting, you would be penetrating your reservoir section in 8.5-inch hole. That's what we will be drilling with our new rig and for the Tai-C well in a few weeks' time. We acquired a Epiroc Predator 220 rig at a discounted price. I'm pleased to announce that that rig has now been mobilized to the well site. A few weeks ago, we mobilized the rig and all of its ancillary equipment, spread across 17 truckloads of equipment to the Rukwa region, to our laydown area. On Monday, RNS announced that we'd completed and signed off on the civils work. Now over the next few weeks, we'll be mobilizing the rig and the equipment to the well site itself, and getting everything rigged up ahead of spud. We went out and did a fundraise at the end of last year. Went out and raised GBP 9.9 million. That enables us to remain to be funded to drill the Tai-C well. We went out off the back of that fundraise to fully fund us for an exploration well this year, as well as have some working capital to take us through to June. We're now in August. We're still funded for the well. We've also purchased a rig, and I think we've managed to do quite well with what we had raised. However, any future exploration will require additional funds beyond the Tai-C well. We've got strong management in place, a strong technical team with Africa experience. Strong board as well with oil and gas experience. You will have noted that we've recently had some changes at board and management level. Really that's to sort of streamline the company and also focus our skill sets into more of oil and gas realm rather than the mining experience. Helium itself is a clean low-carbon commodity. We very much sort of pride ourselves at Helium One in working a project that is what we label as Green Helium. We know from the well that we drilled two years ago, as well as the surface seep data that's been analyzed multiple times by noble gas experts over the years, that this helium gas is not associated with hydrocarbons. We've not seen any evidence of it in the well or at surface. It very much is a helium-nitrogen mix, which makes it globally unique. There's very few producing helium fields in the world that are not associated with hydrocarbon gas as a by-product. Ultimately, we offer a low CapEx view on the development for a relatively strategic sized resource. Next slide, please, Tom. We're not just operating in the Rukwa Rift. We also hold prospecting licenses in Tanzania across two other rift basins. The Balangida and the Eyasi Rift sit on the northern central side of the country, and then the Rukwa Rift, as per the map on the left-hand side, sits down in the southwest corner of Tanzania along the East Africa Rift trend. The Rukwa Rift is technically more advanced. Amoco drilled two exploration wells there in the 1980s for hydrocarbon gas that were dry. Prior to drilling those wells, they also acquired an extensive 2D seismic survey. When Helium One was founded, that dataset was purchased and evaluated and interpreted, which led the company to identify where there were areas of interest around the Rukwa Basin and potential follow-on or prospectivity and follow-on leads. That's really what sort of has hinged the growth of the company going forward. Subsequent to that, we've successfully acquired 2 infill 2D seismic surveys over the last 18 months, which have been guiding us to work up the Tai prospect and also additional follow-on potential in the southern half of the Rukwa Basin. The Eyasi and Balangida Basins that are on the northern half side of the country, they are on the other side of what we refer to as the Tanzanian Craton, and that becomes a geological significance for the source of the helium. That is where it's generated and released deep within the crust, and it's the mobilizing or the breakup of the lattice in the rocks and the mobilizing of the helium gas through hydrothermal fluids that's releasing it into the basins that you see on either side of the craton that we fortunately hold licenses in. We're very much positioning ourselves within the sweet spots of where helium can be released and ultimately, hopefully, accumulated. Most importantly, all three of those basins have surface helium seeps, and high grade. As I said, it's a globally unique project in that we are only seeing helium and nitrogen in the mix. We're not seeing evidence of hydrocarbons or H2S or CO2, which makes it incredibly unique. Helium will always preferentially migrate with the carrier gas. You will never obtain 100% helium, but some of these concentrations are some of the highest known globally. As I mentioned, we've got an experienced team in place who have worked these basins previously. I myself have been involved with exploration projects in the East African Rift and spent five years at Tullow working the appraisal stages of the Albertine Rift, and have also had exposure in wells in Kenya and also Sub-Saharan Africa. Very familiar with the geology, very familiar with the trapping styles and components. Tai itself is a robust structure. I'll come on to in a bit more detail in the next slide. The key point here is that we're not just targeting one interval. The previous well highlighted to us that there were multiple prospective intervals at Tai, and we will be targeting those again, plus the basement, which we view as an additional target with the Tai-C well. Next slide, please, Tom. This slide highlights what we previously drilled. The east-west seismic section on the right-hand side of the slide was a newly acquired seismic line that we acquired for the phase two infill seismic. This was post-drill. The Tai-1, 1A well bore is projected onto that seismic line with a vertical white line, with the blue circles representing where those helium shows were encountered while drilling. We've ultimately got three target intervals. The upper, shallower, youngest section, what we refer to as the lake beds, where we encountered a robust helium show first time around, over 2% concentration. That will be a primary target this time around. Our secondary targets will be the deeper Karoo section and also the basement play. Unfortunately, with the first well, we didn't quite get to basement. Again, limitations of the rig. We absolutely will be targeting this as a play. As I said, that's where the helium's sourced. If the basement is fractured, then geologically, there's potential there to target that as an additional play concept. The maps on the left-hand side of the slide illustrate our current view of the Tai prospect, and those two maps were interpreted after the first drill and also after the second phase two seismic. This is our current view. It's our most detailed and robust understanding of the Tai structure itself. When we drilled Tai-1, we actually only had 3 seismic lines across the structure. Now we've subsequently acquired a second survey. We've now got nearly a dozen lines over the structure, which has given us greater confidence and understanding as to how the Tai structure works and how there's potential for the helium to migrate into multiple intervals. The map on the left-hand side is from the shallower interval from the intra-lake beds, which is the equivalent to the orange horizon at the top of the seismic line. You'll note that the black circle actually penetrated that section out of closure for the Tai-1 well. That was just a response of not having sufficient seismic data coverage. We worked with the budgets we had available at the time. Acquiring 2D seismic in a rift system is always challenging without the luxury of detailed 3D, but obviously that comes at a cost. By drilling the lake bed interval on the downthrown side out of the fault, actually meant that we had drilled that section out of closure. When we drill Tai-C, which you can see on the maps is represented by the white circle, that's about 1 kilometer away to the northwest. The Tai closure itself is about 7 square kilometers in Karoo interval. It's a sizable prospect. The Tai-C well will again be a vertical well, but you can see that it will be positioned within closure, so it'll be on the correct side of the fault on the upthrown side to test the lake beds within closure. Additionally, at the Karoo Sandstone interval, which is the right-hand map, you'll see that it will be actually targeting some up-dip potential additional volume that we hadn't previously interpreted from the limited size that we had first time around. That western bounding fault has actually stepped back to the west, tightened up the mapping of that and the understanding of that, so we've got upside potential in the Karoo. As well as the additional seismic, we also went out and acquired a remote sensing satellite spectroscopy study that enabled us to identify any potential surface helium anomalies. The seeps are very useful to us, and they actually are active in sort of hydrothermal settings. Also potentially, there is potential for seeps to just come up the faults and then obviously just migrate as a gas. That spectroscopy study showed us that there were these anomalies associated above the Tai prospect, which gives us strong confidence that there is, in addition to the shows themselves in the well, it gives us confidence that this is an established working helium system. Next slide, please, Tom. This is the prospect in 3D view. The image on the left-hand side shows a top basement structure map. The warm orange colors represent the highs, the cool blue colors represent the lows, and the western bounding fault is coming out of the slide at you towards the sort of left-hand side of the screen, and that would be the western bounding fault of the structure. You can see how on the side closest to us, on the eastern side of the structure, the remaining component is dip-closed. We've got a nice rollover into a single fault. We're only relying on fault seal along one side of the structure, which obviously improves its chance of geological success. That rollover continues at multiple levels in the Karoo and also up in the Lake Bed section as well. You can see the wellbore trajectory for the Tai 1A well, where those helium shows were encountered. Like I said, it did not quite reach basement, but the intended Tai C wellbore will. You can see how that's positioned slightly up-dip, targeting the more crestal closure of the Karoo and also ensuring we drill the Lake Beds with enclosure on the outthrown side of the fault. The importance of that bounding fault is that it's a deep-seated fault. It penetrates right down through into basement. It's a long-established fault, and as I mentioned in our geological model here, is that the Tanzanian craton is generating and releasing that helium over a huge period of time, over geological timescale, over 4 billion years, and filling the system. The significance of that fault for us is that that will act as a main conduit to migrate that helium up into the shallower stratigraphy and hopefully accumulate in a commercial quantity. In May this year, we went out and did an independent competent person's report on the Tai prospect. As always, it's all very well doing your internal numbers, but to have an independent view gives you that sort of rubber stamp of approval that you can hang your hat on with confidence. We enlisted ERCE here in London to carry out that independent view. All they were given was the seismic, and they went away and mapped the structure and came back with their volumes and risk on that. That came back and confirmed a 2U prospective resource of 2.8 Bcf of helium, with an upside of 7.1 Bcf of helium. Now, to put that into context, bear in mind that the current global demand for helium is around 6 Bcf. In a mid-case scenario at Tai, in the event of a discovery, we would be supplying the global helium demand for half a year. In terms of value, if you take a current market price for helium of around $500 per MCF for 2.8, that's around $1.3 billion worth of helium. Of course, more than double that in an upside scenario. Next slide, please, Tom. We don't just have Tai. With the seismic surveys that we've acquired over the last 18 months, the team have been busily interpreting that information. We've got a number of other leads and prospects that ultimately we would like to drill as well, in the event of a discovery at Tai, to help us follow on along that trend. In an upside scenario, we did an independent resource audit back in 2000 by SRK in Australia. They have come back with a prospective resource of 138 BCF in the Southern Rukwa Basin alone. There's huge potential here for us to look at follow-on potential. Now we have our own rig as well. That is something that we would view to being able to do quite quickly. We wouldn't be in a scenario where we'd have to demobilize equipment and then mobilize in again next year. We save a significant amount of money by saving on those mob and demob fees and having our own rig, not only in country, but obviously in the project area itself. Yeah, in a success case at Tai, we've got optionality as to where we would want to go next, obviously, as I mentioned on the first slide, subject to funding. We've also acquired ERT surveys, and also the satellite remote sensing spectroscopy work, which has enabled us to better define these prospects in association to where there may be surface helium as well. Next slide, please, Tom. Where we are today, as you can appreciate, gearing up to operations and drilling a well is an incredibly exciting time. This is a new chapter for Helium One, having our own rig and building this momentum over the next few weeks ahead of spud. A lot has to fall into place for that to happen with any project. The civils work alone has taken several months. That was started a couple of months ago, and we're pleased to announce on Monday that has now been completed and signed off. The pad is now ready to start receiving the rig and its equipment. When we purchased the rig and moved it down from Kenya, we mobilized it to our laydown area in the Rukwa Basin, which is about 10 km from the Tai-C well site. Once the civils work was signed off on Monday, the team are now mobilizing all of that equipment to the well site itself. Big operation. It's not just a rig. It's the rig and all of its ancillaries. In Tanzania, TANROADS actually have weight and dimension restrictions on the roads. Unfortunately, something the size of a rig and even a crane has to be stripped down in Tanzania into smaller and lighter loads. The rig and all of its equipment and ancillaries, we mobilized 17 truckloads of equipment all the way to site, and again, now to the pad itself. It's no small feat. It's a huge operation, and the team have been working incredibly hard in making sure that we're on track and on time to fulfill our intended spud date. In addition to that, we've also appointed Baker Hughes. We've signed a contract with Baker Hughes for their services on the wireline cementing and fluids. I'm pleased to announce that we'll be using GEOLOG again, who were instrumental on the Tai-C well, contracted for the mud logging services and the gas monitoring while drilling. Really that's the key information while drilling that will give us indications of where the helium shows may be. Then subsequently, we'll be running wireline logs to determine whether we've got pay intervals or not, and off the back of the wireline, we'll then determine whether we run in hole to take downhole samples under reservoir temperature conditions. Looking at about two weeks worth of drilling, plus a week for logging, and then plus another week for sampling. Within a month of spud, we'll start to get some results and understand what we have here potentially. Next slide, please, Laura. This is the rig itself. The top right-hand picture is a photograph actually taken by one of the team. This is not in Rukwa. It's not yet been rigged up. This was when we actually first encountered this rig last year in Kenya and underwent a testing audit on it, and this photograph is from when it was undergoing that testing. It's a nimble rig. It's truck-mounted. It's more than capable of drilling these holes. Epiroc commissioned these rigs a number of years ago, and they were engineered and designed for oil and gas operations. It's compact. It's truck-mounted. The mast that you can see in the picture at the top folds down and sits on top, that you can see in the bottom right-hand picture, and effectively, it is drivable when not stripped down and driven on roads monitored by TANROADS, which is what the bottom pictures depict. Just to give you a sense of idea of the scale of this operation. The middle photo is actually the mast on a separate truck. Obviously the photograph on the right-hand side is of the mast put back on the rig carrier itself. Yes, everything has had to be stripped down and will now be in the process of reassembling. This also happened when we moved it from Kenya, so we've got a team in place who are efficient at doing this. We've got no concerns with reassembling it and getting it rigged up ready to drill. The rig itself is capable of drilling to depths of 2,400 meters. Now, the Tai-C well will be drilling to about 1,200 meters. That's to the basement target. More than capable of our drilling requirements. Tai-C is one of our deepest targets. We've got very little concerns about whether or not this rig is capable. Of course, for us or for me, it was very much a strategic approach as well for the company. Not only did we want to purchase or acquire this rig to fulfill our Q3 drilling program this year, but also it's given us an option of potential further revenue options. The East Africa rig market has been incredibly difficult. I think a number of our existing shareholders will recognize that. Not just for us, for other operators in the region as well, other oil and gas operators too. There is a market there, and this rig is capable of drilling oil and gas wells, also geothermal wells and other helium wells. We've already been contacted by a number of companies, and we'll continue to develop that working relationship there with a view to then potentially utilizing the rig. Also for Helium One, in the event of a discovery, it will enable us ultimately to fast track to production. We'll be able to move into that appraisal and development phase a lot quicker because we won't have to wait on mobilizing a rig internationally again. Aside from Rukwa, obviously that's where all the current activity is at the moment. As I mentioned at the beginning, sort of by nature, because we've had the most amount of data acquired in the basin. Let's not forget the Balangida and Eyasi projects as well. We lease just under 1,000 kilometers of licenses split across those two basins as well. Over the last year, 18 months, we've undertaken new fieldwork. We've engaged with the geochemists at the University of Dar es Salaam, who we worked closely with in the Rukwa Basin as well in the early stage of the company. They've been out in the field several times, resampling, observing for new seeps off the back of the remote sensing data that we had acquired. In addition to that, with the fieldwork, we've also undertaken a large regional gravity magnetic study with Getech here in the U.K., looking at both of these basins. That ultimately has enabled us to better understand the rift geometry, with a view that moving forward, we'll be able to higher rank areas of interest for prospectivity, with a view that we can eventually acquire some seismic over them and hopefully drill some wells there too. Similar story in Eyasi. We've also, over the last, well, last six months, undertaken our Environmental Impact Assessment application. Now, I think like everywhere in the world, it's very difficult to avoid these. The northern margin of the Eyasi Rift actually borders the Serengeti National Park, so obviously hugely environmentally sensitive area. In Tanzania, these EIA applications can take up to nine months. We've been undertaking that. That's very close to being signed off soon, which is great news because then that gives us sort of the green light and the comfort to start planning our work program for potential seismic next year. Again, like Balangida, for Eyasi, we've done fieldwork. We've carried out fieldwork and also undertook the gravity magnetic study with Getech to help us identify which areas of these PLs we would like to higher rank going forward. For those of you who are not familiar with investing in Tanzania, I think it's a good message at this point to put forward that the Tanzanian government are hugely receptive to foreign investment and have been very supportive of Helium One from inception, really. That relationship has only been strengthened over the years. They were very pleased to hear that we had acquired our own rig for use in-country. We've got strong established relationships with the Mining Commission and the Ministry of Minerals. Our country manager works very closely with the government on a regular basis. President Samia, she came into power at the beginning of 2021, and has created a very sort of business savvy environment, and is very engaged with the ministries on helium exploration. Tanzania as a country is one of the fastest-growing economies in Africa. I think most relevant in recent weeks, some of you will be aware, is that Kabanga Nickel, which is the leading nickel project in-country, actually started trading on the New York Stock Exchange, whereby the government carry that 16% free carried interest. Huge milestones for Tanzania. Hopefully that will continue to strengthen and grow going forward. Next slide, please, Tara. In terms of our ESG projects, particularly when we're operational, not just for drilling, but also the previous seismic campaigns that we've had. We've always been very engaged with the communities on the ground. This is a very remote area. A lot of local communities who really are not familiar with such large-scale operations. We've got community liaison officers on the ground who are pretty much in the field full time, keeping the communities engaged and abreast of what's coming. On the previous drilling campaign, we sourced materials to upgrade a school. Moving forward, for this drilling campaign, we're currently looking at a healthcare initiative where we can support the local village as well. Ongoing engagement with the community, not just at our site, but also back in Dar. We've got a long-established relationship with the university. We've used their students previously for field work while drilling. Utilizing their knowledge and experience, but also offering that upskilling opportunity which is important to many graduates, not just in Africa, but all over the world. Tara. Okay, just moving on to helium itself. Some of you will be more familiar than others. Helium is a pretty unique gas. It's a noble gas, and as a result, it comes with a fairly unique set of properties that are in-substitutable. Helium cannot be manufactured in a lab or substituted for anything else. One of those is the fact that it has the lowest boiling point of any gas, and that makes it widely used for coolants. It's used in the medical industry to keep magnetic coils cool in MRI scanners. It's also used in space exploration for rocket purging as a coolant. It also has a very, very small molecular size, and as a result, it's used again in space exploration for leak detection. They cannot launch any spaceships or rockets without using helium. That's a huge sector that's pushing up the demand. The fastest-growing sector at the moment is in the electronics industry. Semiconductors, fiber optics, manufacturing of electric cars, et cetera. The value there is the fact that it's got a very high thermal conductivity. Some of the analysts in the helium sector are projecting that it will actually be the electronics industry that will, unsurprisingly probably, that will take over the leading application of helium by the end of next year. I think we're probably all aware that the demands and the needs for space exploration are certainly not diminishing either, and that will continue to grow. As I said on the earlier slide, with reference to the contingent resource at Tai, the current global demand of helium is around 6 Bcf, and that's expected to grow to around 10 Bcf by 2030. The demand is high, and as a result of that, we need to find more to replenish it. Next slide, please, Tara. Because that demand is so high and the supply is so short, it's obviously driving up the pricing. We're currently in what the analysts refer to as Helium Shortage 4.0. Now, that was triggered back in 2019 by the closure of the US Federal Helium Reserve in the US. Since then, there's been other implications and other contributing factors, not least being the geopolitical tensions in Russia. The Russian invasion of Ukraine has led to the likes of Linde, which is one of the major off-takers for helium, withdrawing 2 Bcf from the Yamal plant, which is obviously equivalent of about 25% of the future supply. Similarly, the plants in Qatar are undergoing regular maintenance, which has led to shutdowns. Algeria is another major exporter of helium. They've reduced the feed gas to the helium plant because they've been focusing on their energy processes. All of these factors have sort of triggered this, led to this prolonged period of this shortage. That current 6 Bcf is the equivalent of around a $7 billion helium market. Again, Helium One, looking at Green Helium, we are very much focusing on a primary helium-nitrogen mix. We're not seeing these hydrocarbons in the system, which makes us globally unique. A number of the other producing fields around the world are associated with hydrocarbons, CO2, H2S, et cetera. That positions us very well in the event of a discovery that we're hopeful that we will be able to market this relatively easily. Next slide, please, Tara. What is that demand and diminishing supply doing to the pricing? Helium is quite unique. There is no set market price. It's very much contract-driven. There are a number of analysts in the industry who have access to information to put together the pricing. It trades in US dollars, and earlier this year, beginning of this year, the current import prices were around or just under $500 per Mcf of helium. That, as you can see on the trend chart on the left-hand side, is currently only going one way, particularly why the demand is so high and there's no new supply coming in. That's just on the contracts alone, which are typically 1-7 years. In addition to the contract pricing, you've also got spot pricing, which historically is much higher. Currently, spot pricing for bulk liquid helium is just under $1,000 per MCF. Hugely valuable, 50 times more valuable than LNG and 100 times more valuable than hydrocarbon gas and unsubstitutable. In summary, we are focused on securing, hopefully, a helium discovery in Rukwa, becoming one of the leading producers of Green Helium. We are established in three basins in Tanzania. We currently hold those licenses 100%. We've got evidence of the high concentrations of helium surface seeps in all three of those basins. We remain focused for drilling the second half of September this year. By now owning a rig, it offers Helium One optionality to fast track any discovery into an appraisal and production phase. I think last slide is just we've obviously had some management and board changes of late, but just this is available on our website, but just to reiterate our changes of the last few weeks with a new chairman in place, James Smith, with extensive oil and gas background and the addition of Graham Jacobs. Thank you for listening, and I believe we are now going to address some questions. Lorna, Graham, Sarah, thank you very much indeed for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab that's situated on the top right-hand corner of your screen. Just while the team take a few moments to review those questions that were submitted already, I would like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard. Guys, we obviously did receive a number of pre-submitted questions ahead of today's event. As you can see there in the Q&A tab, we've also received a number of questions throughout your presentation today as well. Firstly, thank you to all of those on the call for taking the time to submit their questions. Tara, if I could just hand back to you to chair the Q&A with the team, and then I'll pick up from you at the end. Thank you. Thank you very much, Jake. As Jake said, we've had a number of questions coming through, and we've tried to sort of group them accordingly. Perhaps we can start, Graham. There's been some questions about how much the rig cost and how it was paid for, whether via lease or out of free cash flow, and how much of a discount versus the purchase of a new rig. Perhaps you could expand on that. Yes, indeed. Thanks, Tara. Obviously, the rig has attracted quite a lot of attention. We believe the company is going to be strategically very important for us over the coming months and years. To answer those questions specifically, the rig is being paid for out of current resources. It's not mortgaged. It's not leased. We own it outright and have complete and unencumbered title. The cost was. I mean, cost is relative. The cost compared to a new similar rig is a big discount. We obtained a big discount to comparative prices. Also when comparing to the cost of mobilizing a rig into the country, paying the lease rates, the company there, and then demobilization costs usually at the end of the lease back to its point of origin. We've obtained a rig that wouldn't have cost us a great deal more. I think in summary, and borne out by the fact that Lorna referred to earlier, in terms of the funds we raised and where we are cash flow-wise, it's been very, very good for us. Thank you. Will the rig be used for slant drilling in the area? The rig is capable of slant or deviated drilling. Those operations tend to be generally more complex and more costly. At this point in time, none of the targets, certainly not the Tai-C well, it doesn't require any form of deviated drilling program. Thank you. We've had a number of questions on this, and Lorna, you've obviously covered it in the presentation, but just to reiterate even, when do you anticipate commencing spud? Yeah, we're working towards spudding in the second half of September. Obviously once we've got everything at site, rigged up, mobilized the crew, excuse me, which we're partway through appointing now. We're confident we will secure that crew. Very confident, I should say. We'll also be waiting on some remaining long-lead items that need to come into Tanzania as well. The spud date we carry internally is factoring all of those components, basically. Yeah, I'm very confident we'll be spudding in the second half of September. You have an audience who are very keen for updates. Will you be providing regular updates during drilling? Yes. We're obviously guided by Nominated Adviser as to what goes out to the market, and drilling is always exciting for everybody. We'll need to manage that news flow accordingly. Like I said in the slide, we're anticipating about two weeks worth of drilling, then plus another week of running the logs. In a success case, we'll then run in the hole with an RCI tool, which will enable us to obtain downhole gas samples under reservoir temperature, pressure, and conditions. The equipment we have at site through GEOLOG and the mud logging guys and also a portable mass spectrometer will be able to give us some indication of the compositional analysis of that gas. Ultimately, those downhole samples need to go off to a laboratory and be fully analyzed under laboratory conditions. I guess in short, yes, we will be updating the market when appropriate. Thank you. This one's a bit more technical, but the drilling of the first Tai well saw helium gas concentrations of up to 2.2% in the mud. While the latest 2U figure from the CPR implies a 1.3 concentration. Do you believe that there could be significant upside to the CPR figures on a success case at this drill? Yeah. I think, with any exploration well, there's a range, and that range is there for a reason. An independent CPR is always going to have an independent view that we have to honor. We know from the surface concentrations that we've got up to 10.6% helium. However, the limited information we did obtain from the Tai-C well, we did have 2.2%, but there's an argument there that that data was incomplete. We didn't have the logs. We didn't have a downhole gas sample, et cetera. The mid-case independent CPR is the 2.8%, but of course, they've also modeled an upside case of 7.1 Bcf. There's always an up case scenario, and of course, being an explorationist by background, I'd like to always be focused on the upside scenario. Yes. On that optimism, is there another drill in planning stage? If so, how soon can that be put into action? Yeah. Like I said, the team's been working on the seismic data and the other various data that we've acquired over the years. We have got other prospects in the portfolio. We've got follow-on leads as well. In a success case at Tai, I'd certainly like to consider exploring other opportunities. As I said at the beginning, the working capital we have at the moment is to drill the Tai-C well, so any further exploration work would require additional funding. Thank you. Are you drilling through any potential shallow deposits on your way down to the basement? How long do you think that will take to get down to the basement? Yes, I think I mentioned on the technical slides, we've got multiple targets at multiple intervals. The shallowest target is in the Lake Beds, and then we've got additional targets in the Karoo and also the basement. Again, I think I've probably mentioned it several times now, but two weeks worth of drilling. Thank you. We've had a number of questions on the cash position of the company. Sarah, Graham, perhaps you could expand on this. Yeah, sure. I think as Lorna alluded to in the presentation, we raised just shy of GBP 10 million last December, and that was to fund the drilling of the Tai-C well, which was originally slated for earlier this year, but due to the delays in obtaining a rig, obviously, it will be later this year. Notwithstanding it, there's been some delay and obviously additional working capital requirements. We're still fully funded for that well. Thank you. There's been a couple of questions about the new board structure. Would you like to maybe talk to that? Yeah, sure. I think, again, Lorna's touched on this in the presentation, but we've been trying to change the board into a more streamlined and oil and gas-focused board rather than historically it was more metals and mining focused. The focus has now changed, and it's very much we've got people with experience of not only oil and gas, but Africa as well, and that. I think everyone's more aligned in terms of the way forward now. That being said, quite a few questions have come in about directors aligning themselves with shareholders and buying shares before drilling or in the coming months. Would you like to expand on that? Yeah, sure. I think all of the directors on the board have historically supported the company by investing in shares, and I'm sure I can't speak for them all individually, but I'm sure in consideration of their own personal circumstances, I'm sure they will do so in the future as well. Thank you. Just going back to a couple more questions which have come in. Lorna, you've spoken a bit about this, but the period for determining success after spudding your well, you mentioned that there's going to be some delay between putting the bit in the ground and getting the data, but would you like to say anything more on that? Yeah. What we didn't achieve first time around was a robust set of wireline logs. Really that's going to be key for this well. As I said, bigger hole size, conventional oil and gas approach. We'll be drilling the well, and then we're running the hole, obtain the wireline logs, evaluate those logs, have a petrophysicist evaluating them, identifying where there's any potential gas zones, and then we're running hole again to get that downhole analysis. Yes, within a month we're going to know whether we've got a discovery or not. Exciting stuff. On that note, what would then be involved in bringing Tai into production, and have you started, on the relentless optimism, have you started preparations on that front? Yes. I mean, it's obviously always in our minds. One has to always try and plan for success. The Tai-C well is actually being designed for a success case. We'll be running a 7-inch casing with a view that in the success case we would be able to come back, reenter that well, perforate and test. Again, going back to the fundraiser at the back end of last year was for an exploration well, that was not for an appraisal well or for a well test. We would need to come back and reenter the well and perforate and test, depending on those results would then obviously take us into sort of the appraisal and ultimately production. In a success case, we anticipate to be in production sort of within 12-18 months post-discovery. As I said, with our own rig, hopefully, we can fast-track that a little bit too. Exciting stuff. Speaking about the rig, you've obviously mentioned the possibility of leasing that out. Have you had any discussions with parties that might be interested? We've had several interested parties contact us. Obviously after we announced it and press released it, some companies have reached out. Like I said earlier, the rig market in East Africa is very challenging. I mean, the rig itself is capable of obviously vertical holes, 2.5 km, deviated wells, as Graham's alluded to. It can also do well testing. It can act as a workover rig, so projects in Tanzania that may already be established, et cetera. Yes, I think in short, there are conversations occurring, but our primary focus at the moment is to obviously get our own well drilled. That brings us quite nicely to another question. Are ground works already being done to prepare various sites for possible future production? There have been some comments about satellite imagery suggesting that might be the case, but could you comment on that? No, that sounds very ambitious given the budget constraints that we have. No, as I said, this is an exploration well. We've prepared one pad for Tai-C. As announced on Monday, that pad is 130 by 180 meters, and the pad will not only be home to the rig but also the camp this time around as well. That just minimizes time of mobilizing crew back and forth, et cetera, because it will be 24-hour operations, and backup crew to cover that 24 hours. No, very much exploration-focused planning. Understood. Graham, perhaps, we could maybe talk to any potential offtake agreements that might have been considered. This may possibly be putting the cart before the horse. Would you like to comment on anything on that front? We have no offtake arrangements in place at the moment. Clearly, as and when we have a discovery and appraisal development program, then we will also be looking to engage with various players in the industry with a view to reaching an arrangement with them for hopefully taking the helium that we're going to be producing. It's relatively early days from that perspective at the moment. We need to discover or prove up the discovery and then get through to production. Fantastic. I think we've got time for just a couple more questions. Lorna, there's one that's just come in. You mentioned in an interview that if you find helium, it will be sent off for assessment. There's just a question about why logging is being used to declare a discovery. I know you've obviously just been through a couple of those points, but is there anything further you'd like to talk to on that? Yeah. The wireline tools will tell us whether there is gas or not. What the wireline tools can't tell us is what type of gas that is. That's where the downhole samples become more important and more valuable because it's only when you've carried out that gas composition analysis in a laboratory that you really understand what you have. Like I said, we've got redundancy at site. We'll be able to do a first pass look, that will enable us to announce something. Ultimately it's the seal of approval from the laboratory that will help us understand truly the grade of what we've found. Lorna, Graham, Sarah, thank you very much. Lorna, I don't know if you want to make any closing final remarks just now that we've been through obviously the sheer volume of questions that have come in. We haven't been able to answer everyone's questions, but we will try and get back to everyone. If you've got any final remarks? Well, thank you for the opportunity to work with IMC and launch this. It's a very exciting stage for Helium One. I think everybody is gearing up for the momentum and the excitement building ahead of spudding Tai-C. I'm certainly delighted to be leading the company through this next chapter, and I look forward to engaging with shareholders as and when the news comes in. Thank you. Lorna, that's great. Graham and Sarah as well. Thank you very much indeed for being so generous with your time and addressing all of those questions that came in from investors. Of course, as Tara just kindly mentioned, we will be able to give you back all of the questions that were submitted today, just for you to review, to then add any additional responses of course, where it's appropriate to do so, and we'll publish all those responses out on the platform. Thank you once again for updating investors today. Can I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team of Helium One Global Limited, we would like to thank you for attending today's presentation. That now concludes today's session, so good afternoon to you all.