a listed company should focus on running proper business, make...

a listed company should focus on running proper business, make profits and return to shareholders, although 1/2 ASX listed companies fail to do so and 5% of them delisted every year.

if LIO has any advantage to develop hydrogen, it’s fine. None. so why using shareholder’s money to pursue huge uncertainty and leave high risk to shareholders? Just for easy to raise fund then pay themselves salaries?

if not a non-profit organization,Whichever project, production cost and market must be known. Like its Indonesia project, although drilling cost for each onshore well could be more than US $20m+, lofin cost more than US$40m in memory for one well. However as for hydrogen, totally no idea.

You mentioned hydrogen vehicle, okay, how much is for one kilo hydrogen?

Fact: current retail H2 price for hydrogen car. (In AUD)
in China: $13/kilo on average , 100km costs $39
This is real retail price , but it’s based on blue hydrogen which is now produced from coal at cost of $2/kilo.
If it’s from green hydrogen, retail price should be $20/kilo. 100km costs $60.

Even so, Hydrogen itself only is small part of the overall cost (1/5) :
hydrogen production cost: $2.5/kilo
purify and compression for car use: $2.5/kilo
shipping: $2/kilo
rest are operations cost for parties involved like hydrogen station.

this is industry fact, you said if massive hydrogen vehicle in Australia, okay, nothing wrong with IF. But you should also respect common sense: IF you will drive a car powered by green hydrogen.

what else can green hydrogen do? To produce electricity back?