Ann: Noble Helium leadership changes, page-18

$4.5m seems adequate for drilling and flow testing.

I don’t think they’ll need to raise prior. If they play their cards right the SP will appreciate leading up to the drilling and then leading up to flow test.

The best timing to raise more money, in my opinion, would be either just before the flow test (there would be a lot of interest at that point, because no one would want to miss jumping on the wagon of a potential success).

Better for us, because of less dilution, would be after a successful flow test. The risk that comes with that is that if the flow test is not as good as hoped, raising for further exploration would be a lot harder.

Anyway, the management is experienced and some of them have experience with growing small caps to larger companies. So I expect they will have a good strategy in place to secure funds at the best times.


The only thing that worries me currently is their mention of “using a cheap rig” - I rather have them pay more for a decent team that can deliver us a decent well, otherwise we’ll spend the extra money on workovers anyway.