Ann: Half Yearly Report and Accounts, page-34

My comment from the AGM was thus:

"We all know that Hazer have a reasonable amount in the bank, and they are comfortable with that at present. They would all love the options to come in, the money it would return makes so many things possible. Nobody would say anything (they are all very well drilled on their limits), but from the amount of references to options, I would imagine that they would be doing their best to ensure there is enough news-flow to keep them in the money."​

So you may say that I was a little optimistic in my assessment of the news flow?

I don't have any answers for you, Selfmade, only the board does. Recent conversations suggest that all is still on track, and they are happy with the way things are going.

I just had a feeling from the conversations that I did have that they had something in mind for the cash needed for the demo plant. I don't know what that is, but the feeling remains … it was pretty common across all conversations I had. As far as I know, they have not rules out any commercial arrangement, so anything could be on the table. Trouble being, the ASX rules are pretty prohibitive these days about putting out statements which are not cast in concrete.

Unfortunately company timeframes (especially when research and engineering is involved) are very different to those of Australian investors. I saw a comment once comparing Aussie and European investors-

"When a European investor buys a share, it's like a marriage. When an Australian investor buys a share, it's like a one night stand".

Being in the engineering world, my timeframes and investment philosophies are geared in that direction, so I have a lot more patience than many, and have in the past been surprised by progress I perceived as fast, only to find others thought it was slow.

I am still invested and have not changed my position on my holding at all. I am guessing that the MinRes plant and the Hazer FBR announcements will be out soon, and news will follow from there.