Ann: Annual Report to shareholders, page-27

Hi Mr M

Thanks for the reply. No concerns here about not trading the 1.8, just holding and hoping.

I agree, the salt problem has to be solved, but do they have to get started ASAP? Seems like something they could stall for quite some time while evaluating. I'd like a contract that confirms this near-term opportunity is part of a client's plans and not just PWN's take on timing. Note Shell. supposedly a more pressing issue, but no real urgency on display.

Regards the news flow, it's filed under 'believe it when I see it'. I'm pretty sure it's been mentioned to Bahay in the past and hopes have been raised for better info flow, but it never happened. There's kind of a cycle .. . . Announcement from them, questions from us, anticipation raised, radio silence.

Cheers