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I think what everyone needs to remember is this:

1. This is not your usual steady state O&G business. The merger means there will be a period of uncertainty as the two companies are consolidated and synergies/cost savings are realised.

2. The PMO creditor shares have held the price down ever since the merger, so we never saw HBR rise with its peers and underlying crude prices. It certainly fell in line with the market though, which is why (in my view) we see ourselves trading at the highly discounted levels we see today.

3. I think the management team and the BoD will surprise many investors on this forum in the medium term. Patience is required as they look under the PMO hood and tidy up any faults (I.e. with Tolmount) that they might find. This will make HBR a stronger business long term.

4. The key catalyst that should dramatically increase the SP is the first results in September, as it feels like the market is waiting to see how the consolidated balance sheet looks and what kind of profits the combined business is throwing off. Direction on HBR’s debt repayment strategy will also be critical.

Basically, if you’re patient and crude prices don’t sh*t themselves in the short term (which is unlikely given OPEC’s small production increases), you will absolutely make money by buying at these levels.

All my opinion obviously and DYOR.

Agreed - at least the selling is across the board and not an HBR specific issue. Likely just some profit taking at the end of the week after the big rebound on Wednesday.

Can’t see it staying this low for long, especially with Brent back above $70 after the OPEC/Delta wobble.

Great RNS this morning. The management team just keep delivering and pushing the business forward. Very exciting times.

I was tempted to sell this morning and lock in some profits (hoping to re-buy lower) but there’s just too much upside and I couldn’t face missing a big move higher.

Looking forward to the next update and some figures in due course.

GLA.

Massive drops after 2:30pm over the past few days. Not sure what’s going on with the US at the moment. Looks like across the O&G sector as well.

Hoping for a recovery to £4+ over the coming weeks. If UK covid rates continue to slowly decline (as they have over the past few days) then I think this will fly back up.

You’re right that the timing does seem related the latest share price drop. To be honest, it was the recent comment about the management team that got me posting (rather than lurking).

In any case, I’ll be interested to see how the next six months pans out and whether there’s a catalyst for me to reinvest. Hopefully there is and we all make a decent return along the way.

GLA.

Appreciate the insightful replies as usual.

Re: hydrogen - it was merely an example of an alternative solution being explored by the market.

I know the two of you won’t believe me, but I’ve got no agenda in trying to short or deramp the shares. These are just questions that (in my view) need to be considered for those invested here.

QFI is a tiny company with great technology that is trying to win a contract with an industry giant. They will need some serious partners to make that happen - hence my comment about the JV.

Happy to be proven wrong, but that seems like the most realistic way to secure the MSC contract.

Thanks and that’s an interesting read.

“If available at scale” is the key phrase there. If QFI can’t source/produce glycerol in the commercial quantities required, then supplying MSC with BioMSAR on an ongoing basis will be a challenge.

If MSC thinks there’s a risk on the glycerol side, then this will likely push them towards other alternatives with more reliable supply (i.e. hydrogen).

While I don’t think QFI is currently a takeover target (as some have discussed below), I do believe that they will need to enter into a JV to deliver the MSC contract. In my view, it’s far too risky for MSC to take on BioMSAR without the scale and working capital support that a larger partner would provide.

Salinger - I know you're a long time investor and I hope you do well here.

As I mentioned earlier, I'm bullish on the product itself and will continue to watch with interest as the three projects develop (particularly MSC). If the LONO goes well and they manage to secure a contract, then I'll likely be back in with a sizeable position. What will be crucial though is the actual production of the required tonnages, as it's all well and good to have the orders but QFI will need to produce at scale to fill them. I assume this will come in the form of a production agreement with a larger refiner, so that's another piece of the puzzle to factor in.

Good luck to those invested and hopefully some solid progress over the coming months.

First time poster but I felt compelled to weigh in on this. I was a shareholder in QFI earlier this year but sold around 5.70 as the drift downwards was taking place.

I have to say, I do believe in the product and BioMSAR in particular; however it was this nagging feeling about the management team that ultimately led me to take my profits and sit on the sidelines.

They just don’t have enough skin the game for me and I get the feeling they are a somewhat adrift as to how they are going to take the business to the next level. As harsh as it might sound, I can’t see Jason and Mike at the helm of a £500m+ market cap business with hundreds of staff and driving the QFI vision forward. They just seem a bit flat and uninspiring. I also think the salary’s are far too high for a pre-revenue company.

Just my opinion obviously, but I do think others on this board share similar sentiments. If the management team paid themselves a bit less, hired a brilliant Head of Sales/Project Delivery (and incentivised them properly), then we might see things start to move here.