HRZ Shale Decision Tree, page-57

RESPONSE FROM DAVID WALL 10 July 2018
Back to the HRZ Decision Tree:
In a nutshell, the current project progress, as depicted by the chart, has not materially changed - however, the project stage "Exploration Pilot" is better expressed as " Exploration/ Evaluation Pilot". Either way, we have not yet reached "Appraisal". David emphasised that the results so far, whilst not definitive, are nevertheless "Encouraging" and that future work and future wells in this stage will continue to focus on flow testing.

At this point, I think it is right to acknowledge that our MD is prepared to take the time to respond in person - after only 2 working days - to a query from a single small shareholder. In my opinion, this is exceptional behaviour and should be applauded.
Judging from HC comments in recent days, it is clear that shareholder sentiment is at a low ebb (along with the share price); I include myself in this - and have been mentally adjusting to the idea that remarkable unconventional opportunity is all but dead and buried and that it is now all about conventional at some time in the distant future. BUT unconventional has not failed at all, it remains Encouraging - which is actually what was said in the announcements, but the message was largely drowned out by the bad news. I think the attritional effect of successive disappointing announcements has drained our reservoirs of optimism - and this isn't helped by unquestioning cheery assertions.
To draw a Western Australia parallel, being an 88e shareholder can feel like supporting Fremantle Dockers: the desire for success increases as the likelihood of success seems to diminish. In both cases it's really just a matter of time.
Thanks again Dave Wall and good luck to us all.