Member Info for Moran89

But, if the test had finished they would be legally bound to inform the market of results; they simply cannot hold anything back. Instead we've been told this is an "ongoing extended production test" so it would indicate we're not quite there yet.

I do wonder if the company's announcement yesterday was meant to be helpful, as a placeholder to keep folks updated/informed. If that was the case it has spectacularly backfired. Maybe they just need to keep schtum until it's all over.... hopefully before the 1 July EGM consolidation meeting.

I may add the well drilled was effectively a 'free hit' (would have cost $4 million to drill had they not got this as part of the acreage) and the lower zones were a speculative endeavour, not previously included in Sproule calls. And yet, it's still not a failed venture.

And to remind ourselves, Sagebrush on its own accounts for about 20-30% of the overall resource, with Coyote Wash still sat there. In sporting parlance, we're 1-0 down after 15 mins in, but we've not even reached half-time and we still have our best players sat on the bench, ready to come on. The result is still in jeopardy, but there's plenty of time left.

Taking the raw emotion out of all of this I note the EGM for share consolidation won't take place until 1 July. That gives QHE exactly 4 weeks to get the fracture stimulation and testing underway, and possibly completed. So whilst today's announcement feels like a kick in the teeth, I think it's worth letting the dust settle and see where we are by end June. Things may (or may not!) appear slightly brighter by then.

Concerns about the consolidation are entirely valid though (the timing is chronic), although this is not a Barr/Carrol operation anymore so I live in hope we won't end up in another perpetual doom loop of raises. I accept this is merely my hope though..

"Speaking to the board today..."

Just so that I understand this correctly you have been in direct communication with the QHE Board of Directors today?

It's very much a binary bet now between 0p and 15p+. I don't think 10p can exist going forward, except on the way to a satisfyingly steep upward curve into the teens+. My beef, however, is not necessarily the time it has/is taking, but rather the massive salaries taken to date for basically managing what is an over-inflated chemical experiment. Yes, yes I understand the risks; this isn't and never was a given. But, Miles and co have never taken any actual material risk themselves here due to the fact they have paid themselves a c.£350000+ per year safety net. It's extraordinary that any start up pays that sort of money, and certainly not after 18+ years of failed attempts to get something over the line. So I think this has to end this year (or will end this year) without concrete contracts in the bag because everyone invested is washed out (or virtually washed out) and 18-years+ of goodwill and cash have been flushed down the karzy. So it can't go on and TBH it probably doesn't really deserve to limp on if Peter and the team can't get a tune out of any of our utterly procrastinating partners. It's utterly infuriating, but another cash raise without something in the bag will be utterly unacceptable.

Whilst everyone is chomping at the bit for news, it may be worth remembering that Sagebrush itself only represents about 20% of the overall Coyote Wash/Sagebrush 1bcf of recoverable helium. So, in short this sequence is just the Hors d'oeuvres before the main meal. So whilst important, it's only the starting gun and not the end game. For that reason I am relaxed that they take their time to fully model this. And if it does come in as indicated/expected we are most certainly off to the races with a bang.

Howard is a good guy and we're lucky he saw this and picked it up. I expect his good judgement to repay us back for the Mosman dross years..

Surely, asimpleinvestor you understand that there is no 'news' today to drive any volume? If a successful operation is reported next week indicating a large amount of helium with a decent %, then it should make sense that every man and his dog will want in up to the market value of the product? Ergo the subsequent re-rating.

Where I do agree with you is that the rise will be 'choppy' due to the large share base...but rise it will. And if this goes from £0.0003 to £0.001 I will be extremely happy. Fingers crossed.

Based on the measured but confidently assured IM yesterday I think pressure here is building, with a few projects reaching tipping point. It would be insane for the SP to go from zero to hero in quick order, so to avoid the volatility of a parabolic rise it has to slowly be worked upwards.

Obviously, if we're still stuck here in two months twiddling our fingers there will be the inevitable deflation, but for the moment I think this deserves to sit at the mid to high 3s, based on apparent good news pending.

On the basis of Borup's conservative outlook and expectation of workflows, if he even gives a sniff that MSC could be weeks rather than months/quarters away, I think it'll put a rocket up the backside of this.

This does feel like someone has shaken a bottle, so if indications are generally confident (with a note to his reticence to overplay it) we should hopefully see some traction upwards. As ever though, I note that until all the signatures are signed we are still in a holding pattern. But from a purely sentiment-driven outlook it may ease the overall anxiety here and create some momentum leading to a (hopefully soon) signed tripartite. Fingers, toes and all digits crossed.

"what were AM/JM doing if none of this had been done prior?"

This is what I'm wondering too, SN88. What the hell has/has not been going on for the last number of years?

If Borup can get these signatures and refineries lined up it will be a huge testament to his determination and drive. I say "if" though... still clearly some hurdles (hopefully not insurmountable ones) to come. Dare I dream for next successes in marine and Morocco in the next quarter?? That would really light this one up!

To be fair HF, I think Borup has been pretty conservative overall with his words. He had hopes and anticipation, but has generally been measured. My ire is with Miles and Morrison who have indicated via comms that things were progressing/near to fruition on many occasions, when infact we appear to have been nowhere near. On the flip side, and to give them the benefit of the doubt, it could be argued that they have been given mixed messages by the likes of MSC. To that end, this all has to end in the interims and cold, hard facts have to be addressed, with absolute honesty and clarity. If this has stalled they need to make this crystal by the end of the month. Hopeful statements and aspirations just won't wash any longer. But, by God I hope they have been silent because of a monster RNS in the pipeline. And if that happens, the current cratering of sentiment will once again soar..

Stockcheque, they've been happily using the ship for half a decade, making money out of it. Sure it may have been earmarked for a trial initially but this was always a no brainer for MSC..no risk in buying it. It functions happily in their fleet even if the trial never sees the light of day. But please let me know what that big picture is, because it was a zero risk purchase from the outset, whether the trial happened or not.

Evening MDMc, I can't remember but did Maersk insist on post trial commercial contracts before the trial on the Seago Istanbul/Leandra? Or did we just run the trial in isolation with them? It's been so long I genuinely can't remember. If not, then no reason to have these in place now-albeit I get that it smooths eventual adoption. Also, what happens if they eventually decide it's not quite right for them? Then we will have waited for eons to iron out a post trial deal for nowt. There's no guarantees of any adoption following either MSAR or BioMSAR trials..is there?

It's just signatures for one trial - on one ship.

There's no actual need (or reason to) add in post trial commercial arrangements. MSC may end up not even wanting to use MSAR or BioMSAR so I ask how does this take over five years to get this trial over the line? The silence and excuses stink. This could have been signed off years ago, and yet still inertia so what the hell is holding it up? If we're clinging on to geo political excuses then it'll never happen. There's never a perfect time. Ever.

Nice email, MDMc.. let's see what answer you get.

Playing devil's advocate here, I cannot see that he was not told that this is a super tough nut to crack. It could be argued that he must have known this at the point of interview and can also now see it with his own eyes. And to be honest, the actual complexity of this project isn't really even the point. My concern is the inference or intimation over the last five years that we were moving (imminently etc etc) to full sign-off. Either MSC and Cargill communicated this fact within a year or so of that JDA ("guys, this is going to take a long time..")- in which case all the imminent/the 'time is now' news flow was disingenuous and always was. Or, MSC and/or Cargill have been specifically opaque with the truth when dealing and communicating with QED directly. I don't know the answer to this (possibly a little bit of both?) but Peter would have been told the situation clearly at interview and is doubling down on the issue of the trial complexities now. And that's fair enough-it makes sense. But, what about all the investor meets and newsflow in the intervening years?

For the record I am happy to wait until end Q1, but we must get absolute clarity by then (good or bad-I don't mind). But we just can't keep spending cash for no discernible progress or there will be nothing left for us once we've been diluted into oblivion. Fingers crossed, and still hopeful though..

...address those sticking points? It just feels like this has been moving along in linear fashion without scoping future sticking points (apologies for split messages)

Morning Old Toby, with the greatest respect, the acknowledgement of the complexity has been over five years in the making. From the January 2021 JDA RNS:

Initial activities under the JDA will include project initiation, definition, high-level scoping and feasibility activities ("Initial Activities") of the overall Trial. The Initial Activities are to be completed within 3 months.

And yet, and yet.. despite over five years of project, commercial, regulatory, and legal input we are still collectively finding sticking points that are holding up final signatures. At what point in the prior five years did anyone across all the teams not

I'm just not buying it. Either it was incredibly complicated from the outset and QED management timescale guidelines were utter jackanory or MSC have been playing us like a kipper (and for what reason, I simply know not). I absolutely get slippage, but this is five flaming years in the making. At some point in the intervening years you would have thought MSC would have clearly told QED that this is a real tough nut to crack and told them to manage expectations accordingly..but no, we've had a steady stream of 'nearly there'/it's with the lawyers bobbins for eons. It simply can't be both. Either it was bloody tough from the outset (and we've been constantly hoodwinked on timescales for half a decade) or MSC simply no longer fancy this and are just not communicating this properly (cue RNS tomorrow stating game is on!). We appear to be so near, but I keep getting that Aramco feeling in the pit of my stomach as every day turns into weeks...

Thank you sir.