Ann: Successful Establishment of $6.25M Funding Package, page-31

I met with Bahay about 4-6 weeks ago, was not pre-organised, happened very quickly.

In previous discussions i mentioned that with the Tank World purchase that Working capital was going to have to be addressed given that they were winning bigger projects and there were some bigger bids on the horizon so the working capital facility ( Term Loan ) was an inevitability.

So we read that there is a $1m acquisition portion. Well they are advertising it then. There must be another bargain out there like TankWorld, that has synergies with PWN, that can help them grow and lets an owner sell out and earn more with growth. Sound familiar.

We'll see what comes of it but they've advertised it pretty much. When and where, we'll see that too.

So onto what's happening elsewhere. Now they have a business that is projected to be cash flow positive, it making a profit as a group and that is amazing given that 4 years ago there was nothing. It'll be a $20m business in the next 12 months and growing at good rates I reckon with what is on the horizon with Tank World. Could be $50m within a few years I reckon.

They also now have an EPC business, can do turnkey work for their clients. Now that is very attractive to the mobs in QLD. So they can design their own stuff, build it and commission it and run it. Sounds like modular heaven to me.

They are working with all the CSG companies and now have even more capabilities so it will only be a matter of time before we get some modular upstream sales.

As for Shell/QGC, they still love what we're doing, they as enthusiastic as you could hope from a multinational that is experimenting with new tech and I hope to see a FEED awarded in the second half of this year. That puts us on track to earn revenue from a completed, commissioned plant in 2027 as per my calculations last year. That's $100m in revenue/profit annually by a calculations and that's all downstream, not even counting the upstream potential that runs to about 12 plants.

So, the future looks bright for those prepared to stick it out a few more years.

I've given Bahay a timeframe for my future and he says my numbers work perfectly for him and PWN.

So I am going to be sticking around. I have not been watching this daily anymore because i know the time horizon and right now I need you guys to sell it down for my financial settlement.

Mediation is on Wednesday.

Hope that helps. Market is writing it off at the moment and I hope to get more when the funds become available.

Look forward to catching up with Bahay again when they announce some substantial news.

As always, the above are my opinions, and not advice. DYOR.

Mr M.