Ann: Mbelele-2 results point to prolific new helium province, page-280

Mbelele compared to HE1's Tai-C:
- Seems significantly larger from the outset (mean estimated 15.7Bcf v.s. 2,8Bcf). Additionally, the scale of Mbelele is reported as being much larger than initially anticipated following drilling.
- Much higher % helium in exsolved gas.
- Potentially have a gas column which is large enough for a commercial operation.

NHE seemed convinced the He they have in water likely has economic value. When Justyn said he was elated, I don't think he is lying - the results are not what they want, clearly (though I wish they would say it more clearly), but i think in his mind it is basically proven now there is something of economic value here. HE1 also suspended their well implying they too believe the well was of value.

Unfortunately, it's become clear that the (insanely good) prize that everyone was aiming/hoping for is not coming to pass. But the economics of even the small scale operation (assuming it we were at the point it was operational) - without even the exploration potential remaining - would justify multiples of the current share price. And importantly capex isn't prohibitively high. There seems a very good probability to me they will get to that point.

Sentiment in these names is really bad ATM - not helped by the misleading Mbelele 1 announcement pissing everyone off (is unforgivable imo). But it seems to me the production potential is definitely here (and likely), and the reward / risk is good at current prices, so I hold.