Ann: MOU FOR LOW-CARBON HYDROGEN PRODUCTION PROJECT IN CANADA, page-50

At last count there were two ex Woodside employees on the board I think.

Given that previous company statements used to say they were negotiating with large Australian and International companies, and then subsequently just international companies and that there are not too many large Australian companies in this sector, it would seem that they very likely were negotiating with Woodside. Also keep in mind the large number of options that expired out of the money at the end of last year, but could have been exercised well in the money earlier on, it would seem that there must have been something very prospective on the boil at that time. Finally, the fact that Woodside's recently proposed Hydrogen projects really don't add up unless they were to use the Hazer process and the recent onboarding of an ex woodside employee to the board it would seem that it is very likely that some type of deal to use Hazer on those projects was being considered.

I guess that Woodside were trying to drive too hard a bargain, so Hazer walked, but with this new MOU, it applies real pressure on Woodside. What will happen if Hazer sells the exclusive rights to this technology in Western Australia to someone else, and the Hazer process turns out to be the most efficient and profitable? Woodside being a large yet extremely geographically concentrated gas business is much more vulnerable to this geographical exclusivity being offered to competitors. It is now not so much of a question of weather the Hazer process works at scale but rather that it might work at scale, and a competitor can't be permitted to have it, so they need to buy it just in case.

Well that's my conspiracy theory for the day. Life is pretty dull without them.

Remember to research your own conspiracy theories.

Cheers.