Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-34

So perhaps now the phase 3 PP run of phase 1 has been completed. The results of PP phases 1 through 3 have been positive, such that PP phase 4 of phase 1 may not be required before a positive FID on phase 2. Or is that FEL 2? .....

As painful as the wording has been in recent announcements, I feel it can be taken in good humour for now. PP results have been promising and the expected commencement of phase 2 should allow for some momentum to be rebuilt and some market confidence to be restored. The R&D collab work with EGR on HPA-carbon coating of SPG could soon generate a little more interest also.