News: SRJ Srj Technologies Secures First Australian Order From Woodside, page-4

I haven't had first hand experience with how the products are implemented on site (hence, how great they are from time and cost saving perspectives). However, the recent two initial orders seem to provide quite a decent validation for the technology, noting

• Woodside is the largest operator of oil and gas production in Australia.
• MODEC is the largest FPSO unit fleet owner/operator. Albeit being owned by Mitsui who has a collaboration agreement with SRJ, from my experience working with Mitsui, the subsidiaries' decisions are made on a reasonably arm-length basis.

I understand some of us got into this company 7-10 years ago (at ~15c), and marjority got in ~2 years ago through the convertible notes at 40c and at the IPO 7-8 months ago at 50c. The company painted a very bright future at listing with a long list of projects pipeline (many of which worth multi million dollars) and a very high potential of Mitsui taking a material stake in the business in the near future.

In my view, the company has failed miserably in its delivery over the last six months. That's said, it might be fair to attribute part of the failure to C-19, particularly its impact on energy industry and ability to move people around. I don't think energy sector recovery will be V-shaped, but I also think we don't need oil price to hit US$100 or above for the operators to have the funding for CAPEX maintenance and even selected development. Maintaining the $60-80 level would be sufficient, noting average breakeven price of ~$30 (existing well) and ~$50 (new well).

Perhaps we can give the business another 6-9 months to prove itself? Aside from the seed investors, most of us would make a loss selling at this price point.

GLTA