You outline some genuine opportunities and areas of potential...

You outline some genuine opportunities and areas of potential demand, and I agree KPO has significant possible upside.

In terms of risk though, the Sinopec thing could drag out for another couple of years before they commit to further builds (if that's what they ultimately decide to do). If none of these other leads bears fruit it's difficult to see the SP doing much. A few more CRs and low-ball dilutions along the way and the SP could end up much lower than where it is now

Not saying this will happen or us even probable, but its a plausible bad case scenario