RE: CC29 Aug 2019 12:07
There was a tonne of really good stuff in the CC:
* Bergen are a high quality investor whom we've been engaged with over multiple years, and have received the seal of approval from multiple CEOs who have used them. They are a high quality investor, and are incentivised as part of the deal to ride up the SP curve to maximise their outcomes. Up to 4M is available, and other deals were available offering considerably more money, but the team consider that trials and commercial development are extremely likely within the envelope that mean it made sense to take a smaller amount on very good terms.
* The European Oil Refiner are progressing their project rather quickly, have already provided large samples of a variety of residues, and are looking to solve some specific problems at their refinery. It sounds like that could be on-site consumption, as well as potential for supply. This is really exciting. Listen carefully -- MK talks about how he expects it to progress, it really like there's a good chance of that relationship progressing to contracts within a fairly modest period of time. And to reiterate -- the European Oil Refiner is NOT the existing Global Oil Major -- it's ANOTHER one.
* Morocco is making good progress, and we are expecting to hear something from that.
* KSA & Q8 are making good progress, but due to Eid people tend to be on holiday for much of Aug, so things will kick back into high gear within the next few days.
* Merlin + QFI combination looks extremely exciting, and it's evident they have a project lined up that they anticipate revealing more about in 2019. It seems we have underrated how important this tie-up is, and it could be a key area to keep an eye on going forwards.
* The money from the OO is, in part, earmarked for QFI's expenses in advancing trials.
* EOM is waiting for a shutdown period to extract the resid, but they are still engaged with QFI. They have done proxy testing with the resid samples already provided, so they likely will be able to emulsify any sample that does arrive in extremely short order.
* Been working with Bitumina on some supply opportunities. Recall that these guys have a huge amount of bitumen capacity, plus terminals that could act as processing hubs.
So, you've enumerated and focused on a few negatives, but there were a tonne of positives to take away.
Sign In
Follow the stocks
