While it is great to see that the plant is finally producing LHE, this quarterly unfortunately doesn’t instil any confidence.
They were happy to report that we had produced a total of 1’124 tons of LNG, yet we still have no idea how much LHE we have produced and at what capacity of the plant we are running. From what I can derive we have only just started cooling down our own temporary container that will be transferred to the customer's container when it arrives (ETA would be nice?). However, this is clouded by words like ‘envisaged’… you either do or you don’t.
Considering the plant capacity should be at roughly 310KG a day with a 5000KG container we should have a full container in circa two weeks. The LNG train was back operational on the 19th of September and they were beginning to cool down the LHE unit (9 days reportedly to do). That puts us at 90+ days of running and therefore multiple containers if running at the nameplate. The annual plant maintenance would reduce this but it is very clear that excluding this they are having more problems than just sourcing a container.
While I do my best to exclude my emotions from investing, I can't help but be extremely disappointed and frustrated with the lack of communication and information coming from the company at the moment.
If you are buying at these levels you have balls of steel in my opinion.
I really do hope this year is different, but what's the definition of insanity again?
RLT Price at posting:
58.0¢ Sentiment: Hold Disclosure: Held
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