IPO - QEM Limited, page-99

Yes, I've certainly got a lot invested in IRC but the V is really only a small part of IRC portfolio of assets. I don't think the market gives more than 4-5mill in value added to IRC market value

From what I've read the project area has huge amounts of oil esp at deeper levels on average 24lt of oil per ton on av. at deeper levels much higher 45lts etc

As you see from the permit map IRC area is large to the north and Northeast of QEM you can see part of it that has been transferred to AXF ownership (so till AXF meet their full 5mill spend and milestones by SEPT 2020 IRC will still hold 75% of the area)

• An earn-in Joint Venture whereby AXF can earn 25% of the project area by spending A$1m within a one year period and maintaining the project in good standing

I do agree with you Chris on IRC giving away their V project control on the cheap (well 6mill plus 430k invested in IRC shares in total for 75%) If QEM was listed on the ASX for the last 20yrs I'm sure they would have had to find ways to progress the project as well.. and going forward I will be very interested to see how it pans out for our neighbor
I 100% hope it goes well as that will bode well for all in the area