Ann: MOU FOR LOW-CARBON HYDROGEN PRODUCTION PROJECT IN CANADA, page-37

Yep, market reaction positive on a bad day. I totally agree with the disappointment on the local delays, but this is certainly great news. I suspect that the Chiyoda study was an important part of the negotiations in the absence of the completed CDP. On the engineering side we now have a number of good players, so I suspect this will be an area of improvement, and broader input is great. Suncor will be working hard to ensure success; as Hatmo says, this is something they desperately need, and I think they also see the broader commercial opportunity.

No need for capital raise yet either, maybe later in the year, hopefully timed after first phase CDP startup . The second reactor isn't being built until 2023, and they should be able to cover early design work. Of course, they may do an opportunistic raising on any significant share price rise, but that's just good practice.