I thought the same thing after researching heavily at 20¢. It...

I thought the same thing after researching heavily at 20¢. It seemed like a speculative buy which was worth the risk. Plans for the BOOM sites seemed to be pretty definite and close to fruition.

The idea is brilliant. The idea should have big potential. It's proven, boring, old school, 100 year old technology. DEL isn't trying to create ammonia or hydrogen with untried processes. Thus I was, perhaps surprisingly, not impressed with DEL's new, world-first discovery of single feed source (grain husk) input for the BLM build in rural SA. Don't try to re-invent the wheel! Keep it simple when you're a new company in a new industry! Don't expand into NZ for an EPC build! Don't attempt things that even the Germans were saying was not possible!

And it works in western Europe -- where there's supposedly (I don't know this for sure) no gate fees. Crops are grown (bought by the plant owner?) for the purpose of being fed into the digester. It's big in Europe and the UK. Up to 10% of total energy generation.

The thematic works wonderfully. Green gas. The gas price is sky high and will likely stay that way in Australia thanks to our state and federal governments' woeful policy failures. The plant owner has 4 revenue streams: gate fees, sale of the energy, carbon credits, sale of the digestate. Plus, it's perfectly placed to receive government grants. It all sounds perfect. And it addresses the supposed 'climate emergency'. It's a feel good story. Approvals shouldn't be an issue. DEL isn't asking to build coal mines or a nuclear station, for goodness sake!

DEL itself....I think the company has tried to take on WAY too much, too quickly. Management's experience running an ASX company, and a renewable energy business in a completely new sector is questionable. I personally doubt whether what is being released is correct. I've caught DEL out in so many lies of omittion, exaggerations, over-stating the truth, and plain falsehoods. I suspect announcements to market are designed to buy time and hide the true state of affairs, rather to genuinely inform and give a true indication of proceedings. There's no excuse for it. Taken in isolation, some of the releases to market seem eminently reasonable. But if you've spent the time looking at everything, in detail, word-for-word, since the beginning that some on this forum have (not a personal criticism) and see the overall picture, you start to question what's really going on here.

The *idea* certainly has potential. Whether *DEL* has big potential, and is the company to run with it, is anyone's guess. On the balance of probabilities, from what I've seen over the last two years, unfortunately I'd have to say 'no'. I just don't know if they'll be trading in 5 months or 5 years' time. Which is a big problem!

If an organisation which is well funded, better managed, better organised, and more professional...like ASX-listed engineering / mine design and construction firms Lycopodium or Monadelphous took over the projects, I suspect it would be a winner. DEL's biggest problem is it's been behind the 8 ball from the beginning. Under funded/resourced from Day 1. With tens of millions magically appearing in the bank, I imagine a lot would be done, and a lot faster. A lot would be wasted too. I question how tight DEL is with its expenditure.

A sudden announcement that Palisade Impact has released a small fortune to DEL would cover a multitude of sins though. It still wouldn't fix my distrust of management, and with that trust gone, it's hard for me to be invested in a company. I'd love to see big changes at board level, detailing the plan forward, and a couple of video announcements taking responsibility for the current situation instead of corporate spin.

I just don't know if it will be too little, too late. As things currently stand, it's hard to mount a very strong bull case, just off the board's declaration "she'll be right, mate".