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'We were told that the 4 pilot drill by Valkor will not be on TS2 and we are not involved in it.

Even though it stated that Heavy sweet and AC oil where doing the 4 hole well test, we are told this is not true.'

So Potter states AC Oil will not be testing the 4 pilot wells ?

I see this as very good news compared to how we thought things would be last week.

What I will never understand is that we were told there are other opportunities but they have decided to stick with the current projects. With Utah they have just been waiting for something to happen ,mainly drilling permits' for years. If they had started one of these other projects it could be up and running by now. Maybe these other opportunities does not actually exist.

I don't think JM realises how demoralising this is for shareholders are we have been supporting his salary payments for over 15 years.

I remember on an IC call one of my questions was "How do Quadrise define the word imminent ?'. JM had the audacity to state 'In the marine (maybe he said shipping) industry it is different and is a few months'.What utter nonsence.

The SP is currently over 30% lower than the open offer price.JM seriously needs to get his act together and as Vince highlighted stop missing all these project milestones.

Vince..Didn't you post something similar this time last year.

That is JM on the last IMC call which we are all aware of or am I missing something ?

I agree. This is how I see it :

1/ QFI were under the impression from Valkor that the permits would be approved at the meeting

2/ Valkor were seeking unitization at the meeting.

It therefore seems that SB Iis taking JM for a ride or both companies are so disorganised there is utter chaos.

The Valkor agreement states :

Site Licence Agreement which is conditional on, inter alia, receipt by Valkor of drilling and underground injection permits for the Primary Project Site from the Utah Board of Oil, Gas and Mining at a hearing scheduled for August 2023, and the receipt by Valkor of project financing in an amount of at least US$15 million for the Primary Project Site. Quadrise has granted Valkor the exclusive right and licence to use its technology at the Primary Project Site to produce MSAR® and bioMSAR™ and to market the fuel on a non-exclusive basis in Utah. In exchange, Valkor will pay Quadrise US$1.5 million, with US$1.0 million payable on satisfaction of the conditions set out above and a further US$0.5 million on the date on which a Quadrise MSAR® Manufacturing Unit ("MMU") is delivered to the Primary Project Site.

I assume the permits relate to the 119 wells mentioned in the meeting. The 4 pilot wells being seperate.

JM stated about a meeting in August for the permit approval so I assumed yesterday's meeting was for that. Perhaps the meeting agenda changed.

Crownos..the quote states they expect to have the APD's in the the next few weeks. I thought the meeting was for the permit approval. Or was it just unitization.

Perhaps the isle of Wight is next.

Without Utah I think the company has very serious issues regarding cashflow. Without the expected Utah income this makes a huge difference and the runway to Q424 excludes any project costs.

SP down 35% as a i type.

'You're not him though HF. It wouldn't surprise me if the first thing Jason knew was wondering what caused the 22% drop in the share price this morning.'

If that is the case his credibility must be below zero now.

If i was him I would be watching it as it was a crucial step in the business. It has now been terminated whic h has a huge impact.

Stockcheque...What positives did you see from the permits being denied for Valkor ?

Kolonik...Did Jason tell you he would not be watching the meeting on youtube ?

I agree that they had decided before the debate started.

I feel sorry for all those that participated in the open offer with all this incompetence related to Morocco and Utah. It is almost amatuer. I can see this going to 0.75p once the RNS is released.

It would appear tthat Steve Byle totally misled JM regarding Hoodoo.JM seemed to think they were totally out of the picture regarding the decision.JM must be fuming.