Member Info for dustofnations

As usual, Petroteq were rather burying the lede; there's a debt conversion underneath!

Agreed, Indigo. The ball is rolling on this one. Kudos to the team and our agent Younes for keeping the ball rolling on this key project.

"The Company is also pleased to announce that Mike Kirk, Chairman, and Jason Miles, CEO, will provide a live investor presentation relating to the Business Update via the Investor Meet Company ("IMC") platform on Wednesday 6 October at 14.00 BST."

Mutch ado about nothing, I suspect.

According to various comments of people who were in attendance at the TOM AGM the testing is not yet completed as TOM wanted additional bioMSAR testing conducted. If the reports are accurate, it should be done by end of September. Cannot personally vouch for the veracity of those claims.

According to various comments of people who were in attendance at the TOM AGM the testing is not yet completed as TOM wanted additional bioMSAR testing conducted. If the reports are accurate, it should be done by end of September.

QFI need the funds they have in order to execute the 2+ large projects which are closer to significant revenues than the TomCo and are lower risk, namely MSC and Morocco. As we've already seen, due to covid and other factors there's a risk of schedule slippage, so I do not see that it's wise to shorten the runway.

TomCo seem to have things under control. If they can't sort that out, I don't see how they would plausibly raise ~$110M + for the 5k/10k plant.

Important point of clarification: what you are quoting is not from the official Petroteq account. It's a shareholders group (read the description). Their branding and title is a bit misleading, IMO.

And these are contingent shares, i.e. Valkor gets nothing if the project is not successful. That seems a fair bargain and aligns Valkor and TomCo shareholders very well.

In many ways, I think this share arrangement provides a vehicle for Valkor to get many of the benefits of a publicly listed company without associated hassle.

Thanks face - I was really surprised and flattered to see the article I wrote featured recently on QFI's LinkedIn page: https://www.linkedin.com/posts/quadrise-international-ltd_quorum-short-stuff-how-quadrise-biomsar-activity-6837061292704968705-sTWr

Guess that means my thinking isn't too far from the mark!

Exciting times, and hopefully we'll finally see promise convert into real project activity and commercial success.

There have been some real challenges with covid which I think we can all accept have impacted the timelines, but it's time to execute now. Things look lined up, but only a fool would take things for granted given history. It certainly seems like bioMSAR is the right product at the right time, so I hope they can capitalise on it now.

I agree it's absolutely critical that we see the Morocco project advance without much further delay, as it offers such a wonderful demonstration of the technology's applicability to the industrial sector.

I think with Younes in Morocco we have a very well-connected and intelligent agent who seems to have managed to keep things rolling there, despite the covid situation in Morocco being quite severe at times.

If nothing else, with Morocco's current wave of covid, there's a risk the country could end up on UK's red list in the future, so we should be trying to get the industrial and commercial trials crushed out ASAP so that world events events don't overtake us again.

TomCo are currently having their POSP oil put through the formulation process to produce Quadrise MSAR & bioMSAR.

See interview with QFI CEO about the recent testing of the blended bio product tested in a large 4S Wartsila engine: https://vimeo.com/596377101

A bit more colour on the technical details and applicability of the fuel that they hope to produce.

The hope is that they will be able to offer low-sulphur MSAR and bioMSAR from Utah (can be used on a vessel without scrubbers).

See: https://vimeo.com/596377101

A bit more colour on the technical details.

A bullish interview with Jason. He seems to be saying that everything is on track for Morocco and MSC. I guess we'll find out soon enough, because meeting their guidance on those projects being underway this calendar year requires QFI to move rather quickly from here.

Also hints that various other projects in The Americas are potentially in the offing again? History tells us not to get too excited until you see something happening on the ground.

A key point I took away from the interview and the new materials on the QFI website is that bioMSAR can be used as a drop-in replacement for HFO; they don't even require the small enhancements to fuel injectors and fuel pumps that MSAR needs. That seems like another barrier to entry that has fallen away. They recommend separated fuel systems, but that's about it (these are quite common anyway, e.g. to separate HFO and MDO).

I guess it may be that you can further optimise the product improved injectors, etc, but for trial purposes this might make it even quicker to prepare a trial vessel.

Maybe to reenforce Herne's point:

One of the benefits of running at near 100% capacity right now is that there's always _some_ kind of demand for ORPH's services.

If Covid (let's hope) eases off, and demand for Covid challenge studies falls away, we have an endless list of viral and bacterial vaccines: HRV, influenza, RSV, malaria, other coronaviruses, asthma/copd, parainfluenza, ...,

I think there are two important facts:

(A) governments and companies finally prioritising vaccines, so plenty of products coming down the pipeline

(B) human challenge studies are finally being recognised as the preferred way to evaluate the early efficacy of the vaccine in vivo, and give strong objective analysis of the prospects of the vaccine; this includes early termination opportunities, which save lots of money and reduce risk to larger populations. It's better to eliminate duff vaccines early and deploy only ones likely to succeed to P3.

I think human challenge could become the gold standard for vaccines where it's safe to do so (i.e. rescue available).

Finally getting approval to use mRNA vaccine platform on humans (previously only approved in animals) is leading to a huge surge in new vaccine development. Companies are able to create new vaccines incredibly quickly.

However, these still need testing to verify that they have the effect they anticipate, which is where many believe human challenge studies will increasingly become a standard practice (where safe).

Before spending hundreds of millions on trials, spending less than 10 million on a comprehensive human challenge trial campaign will give developers a huge amount of insight into whether the vaccine works as expected and it's worth continuing development.

Having objective and controlled measurements with a vast amounts of real serological and other disease progression data is invaluable.

Right business at the right time.

I think appointing Steve to the BoD would be a no brainer in terms of skills and business acumen, but I just wonder whether it might cause problems in terms of conflicts of interest and insider information that they seem to be trying to avoid (references to arm's-length relationship etc etc).

Valkor can't take more than a 29% share in TomCo without triggering the mandatory takeover process, or other very significant legal complications.

They will remain the main EPCI contractor, so will be receiving a significant amount of money from Greenfield when the project is financed in addition to taking ~29% of a company whose value should be greatly increased if the 5k/10k funding efforts succeed as hoped.

Valkor also own a fair chunk of Petroteq.

Valkor have carried a significant amount of the financial and management burden of the project so far, so this seems a fair exchange in addition to the various fees they will get for the work they will undertake. They are locked up for a long period and will be a major shareholder, so it's hardly as if they are going anywhere.

Yes, the point about Valkor walking away is obviously nonsense:

- Valkor only get shares if the 5k/10k commercial-scale plant is successfully funded. They still have a huge amount of skin in the game.

- Valkor is responsible for the final design and implementation of the 5k facility (as per previous RNSes). The 5k system is currently at the FEED stage, which is what is used for funding, but it is not the absolutely finalised design. Crosstrails Engineering (Valkor subsid) will be doing that.

So, this seems a mutually beneficial way to proceed, and simplifies the financing side of things by having only one (publicly-listed) party formally owning the venture.

Was listening to a really interesting podcast recently talking about malaria vaccines and the very difficult pathway to where we're heading today.

Basically, malaria has an extremely complex lifecycle, with different phases looking very different to the immune system and being in different parts of the body. It also develops resistance very quickly.

Various different vaccines under trial now tend to target only one part of the malaria lifecycles. According to these malaria vaccine experts, the likelihood is that there will be the development of polyvalent vaccines, which is basically a combination of multiple vaccines to target different parts of the lifecycle.

You notice that even this awesome new vaccine is only 70% effective against severe malaria *in combination* with prophylactic anti-malarial treatment.

So, this is a huge first step. They've managed to prime the immune system to attack one part of the lifecycle, but other vaccines that target other parts (e.g. the mosquito bite phase like Imutex), are coming down the pipe and would be very powerful in combination.

Will try to link those podcasts in for anyone interested if I can find some time to search for them today.