testing new lows, page-6

I think you will find COD is "Commercial Operation Date"

But phase 1 "Commercial Operation Date" is shown on the graph on p9 as early 2014 in the timeline and this is for "50MW Electricity sales"

My interpretation is by early 2014 they expect to have a commercial demo power plant running which feeds 50MW into the grid. Hence the term "electricity sales" .
According to the info on the slide that "Wildhorse needs 20Mt of suitable deposits to create 180MWe (300 000 households)"; 50MWe is enough to power around 80,000 houses and would require 8MT to operate for 25 years so I would expect this to generate significant cashflow while they develop phase 2.

Phase 2 Commercial Operation Date or COD is 2017 and as stated in the preso.for "260 MW syngas sales" (as opposed to "electricity sales" for phase 1).


I expect that this 260MW of Syngas is to be sold direct to external customers (power stations for power generation) while still churning out 50MW of electricity through their own demo plant.

So my interpretation is that they plan to be selling electricity (and making money) in early 2014 through electricity generation.

This would mean a busy couple of years for WHE getting the syngas production happening and power plant developed and selling power.