Looks like a lot of window dressing of suboptimal results from the shale extract assessment. They may be suitable for bitumen feedstock but at what real effort and cost? Were it viable anytime soon I doubt they would be putting the whole thing on the back burner (“...will now look to commence a work program...” etc etc rather than “have commenced”) and parking the SS to instead refocus on helium. And to scramble around looking for new acquisitions to look busy, vis-a-vis:
“... We will also be looking to add some new, high-quality assets to the Company’s portfolio, with an active business development program underway with an emphasis on careful due diligence to maximise value for shareholders.”
With the demand for good quality bitumen not disappearing anytime soon, I will keep watching this but it’s a real shame the signals here are now suggesting this supply isn’t immediately feasible or a business priority at present due to the extent of work likely required to bring these inputs up to scratch.
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