re: Ann: Critical Samples Collected at Bloodw... I thought the...

re: Ann: Critical Samples Collected at Bloodw... I thought the ann made on the 13 March was the most significant in the company's history and was really surprised by the weakness in the SP following it. The Chinese have now committed millions of dollars to the project (payments to CNX and invoiced amounts)and I believe are too far in to pull out. For me that is one risk that is at least less significant now.

So why are sellers still getting out?

No revenue is going to be coming from Bloodwood Creek any time soon. The Qld gov, and big coal and gas will see to that.

I see our greatest risks are still the most fundamental ones; we know that the technology works at Bloodwood Creek but will it work in another coal seam in another part of the world? Will the gas be of consistent quality and of high enough calorific value to warrant developing the project? The concept has only been proven at a pilot plant scale; will it work on a commercial scale?

I would love to see a bit more PR particularly in relation to the timeline that the company is working to. It would be great if management could give us an idea of how long they expect the stages to take to complete and the work involved in the packages within the stages and what the Chinese are paying for.

Perhaps these are some of the things going through sellers heads at the moment but for me this is not the time to be selling. We have all known this is a real spec stock but is actually starting to stand up with something tangible behind it.