Member Info for WongaFC

I was pleasantly surprised by the Morocco development, moving the trial to an alternative site, not requiring OEM approval. No idea where, or how large the trial will be but it could be we've backed them into a corner to move, or we move on? The caveat is of course, the propensity for delay with this client and the ongoing Iran war an ideal delay excuse.

"Should have a further $1m by next quarter courtesy of Valkor, Wonga + qrtly fee ongoing."

Yeah, should but do you think we actually will? Or will there be yet another, "restructuring" of the deal. I have minimal faith in Valkor keeping to timelines and their proposed oil sands plant could face some lengthy legal challenges based on the design of the plant as they were the operators of Petroteq's CORT, (clean oil recovery technology) oil sands trial project and plant design technology, (including modifications made by Valkor Engineering) remain the property of Petroteq.

Their (PQE) shareholders are mobilising to potentially mount a legal challenge!

A few takeaways from my reading;

Positives

No projects dead yet and some even showing (very minor) progress.

Increase in assets, with for the first time I can remember, a value given to the Msar trademark. Perhaps one of our newer employees brainwaves?

Negative

With the increase in expertise on board and additional trial costs expected, there is no way the £4m cash at bank will get us to 2027. So I expect the begging bowl to be out again in the next 3-4 months. I also expect they will be looking for their biggest raise yet, (possibly 10 figures) and the associated dilution will be very painful for SHs.

I just hope Thursday brings more positivity and the next 3 months offers major progress and SP increase, or we're going to be back at square 1.

The cost and environmental cases for our fuels have been "out there" for years. Unfortunately, the behemoth customers we're chasing take forever to change course.

We should have been selling these fuels for years to smaller concerns where we could offer significant first contract discounts in order to prove the fuel and get a base production operation in place. Gradual expansion of customers and volumes could have been done as we started to reap profits from existing "happy" customers.

However, our various BoD members, with little fishing experience, have continued to try to land a whale and believe that has been the right approach, despite spending £70,000,000+ and barely sold a barrel.

I fully expected the sp to bounce around in the 1.5-2p range up until the end of Q1.

Should there be no good news before the month end, I expect we will see it drop below the 1.5p mark, which will be a very sad indictment of our BoD's performance.

You can't make a person redundant, you can only make their role redundant!

If they made him "redundant" simply to replace him with someone else, he would have a very strong case for a tribunal.

"the kind you might undertake if, say, you were trying to sell some fuel"

Or preparing for another round with the begging bowl? While they don't need the cash just now, they'll be much more comfortable knowing they've secured another few years salaries, while the "projects" continue their perpetual drifts!

The oil price was higher in May 22, made no difference to any of our projects. Probably bad news for us as key decision makers at potential customers will no doubt be focusing on more pressing matters than Quadrise trials?

plus ca change plus la meme chose!

Vince, last time I checked MSC were making profits of $150m per day!

While oil price movements might cause them some added work, I don't think it will be too much of a concern, especially in the short-term.

Looks like a tree-shake to me, ask not dropping accordingly.

Have people really not learned to use punctuation or even paragraphs?

IMO Tomco have been a basket case for years and now running on fumes. This RNS may be good news for Valkor but it appears not for Tomco as shares down 32% on the back of it!

With the trial agreement remaining in limbo post end January, this fall was entirely expected. On the absence of any real progress, I now expect it to bounce around in the 1.5-2.0p range for the next 6 weeks or so. Failure to secure sign up or any progress on other projects by end Q1, I'm afraid we'll be looking at sub 1.5p in early Q2.

Where we go from there? who knows but this continuing spaffing of shareholder cash cannot continue indefinitely. As far as I'm concerned they have around 5-6 weeks to show some positive progress, failing that, this baby dragon is out.

I'm aware the 0.92p price above is nonsense, (only 1 trade for less then £10 at that price today, so you have to ask yourself, why list it at a falsely low figure?

An attempt to scare nervous holders into selling is the only reason I can come up with.

Bid 1.0p, Ask 1.05p - SP 0.92p????

A lot of tree-shaking going on today!

Our constantly diminishing, (excl fund raises) cash balance coupled with the new hires is what allows me to retain a modicum of hope. If you're Andy Morrison or Jason Miles, enjoying the gravy train trundling along for years, why make all these extra hires/expenses for the company, diminishing cash at an even faster rate, unless you strongly believe things will turn around soon?

While income flows may still be a long way away, you have to think positive news must be much closer, improving the SP significantly in order to make further funding easier when needed. Surely they can't believe they can let the SP stay at these paltry levels until this year's AGM as the prospect of securing the company's future at that point would be close to hopeless.

Must be something coming soon????

I can't believe so many people have put much store in the end Jan target. It's blatantly obvious MSC and Cargill are huge entities and this trial will sit well down their priority lists. Add to that we need them both to be ready at the same time, which will also cause difficulties.

My major hope was that PB could get something smaller, from left field into the game and his language did give the impression of confidence in achieving this. It may well happen in the next few weeks, or even the big fish might land soon. We'll just have to sit and suffer with fingers crossed as usual. Surely to goodness they're not making all these extra hires if progress is not, dare I say "imminent".

Stocky, repeating the same thing over and over foes not make it more likely to happen!

"Looking for MSAR customers is a few steps down the line from where they are today, IMHO.!"

Yes, agree with all you say DoN but they have readily available customers for their heavy bitumen in asphalt. Maybe 2027 will also be too soon for Valkor's low sulphur msar production/supply. Certainly not worth banking on just now.

Another thing you're forgetting Stocky, we still don't have trial agreements signed after god knows how many years. Yet you think a supply agreement will be signed nickety split? There's glass half full and then there's blind optimism.

"And let’s not forget the other ongoing projects that may appear at any time. Everyone’s focused on the MSC signatures but we have our fingers in other pies too"

Hmmm? It's possible but I wouldn't put too much faith in it. There may be another shipping co involved in the near future but an actual trial unlikely anytime soon. I gave up on OCP as first mover a while back, despite the trials and successes there. I honestly believe they will not move until fuel supply is up and running at a refinery.

Valkor as far as I know it still do not have any customers for our fuel, despite JM telling us ages ago, the search was underway. Given, we still have not even received suitable samples of their bitumen, I don't expect a dime of income from them this year. Sparkle and the wider Panama/Honduras opportunity is a possible for this year but my gut feeling here is JM has once again let the euphoria of a trial agreement, get ahead of itself. The silence since is concerning.

We really need MSC trial signed and up and running before we turn around our fortunes. Sadly, they seem to remain in no hurry. I think we have more chance of seeing 1.7p then the 17p in Stocky's dreams!