Detail ok on feed trials and corporate shuffles, detail light on...

Detail ok on feed trials and corporate shuffles, detail light on funding, construction and field progress.

Very low cash reserves. Wriggle room in the explanatory notes in cash flow – ‘advanced in securing project facility and strategic investors for Q1 and Q2’ and can continue operations ‘on the basis of existing funding plans and current cashflow forecasts prepared for management purposes’. If they don’t, at approx. $1.4 million spend a month and with the passage of January, we’re down to $3 million cash as of today and will need a CR at the end of March to avoid trading whilst insolvent – although I gather there won’t be any further payments to property plant and equipment. If there are then the situation is more urgent and they'll need to start managing creditors which never goes down well.

Staff and admin costs at $2.8 million a quarter (that's a lot) – they’ll have to have a good look at this.

It’s simple: fund the project, on good terms, and quickly, or pay the price in further share price depreciation (no board could be happy with a >50% capital value destruction over a 12 month period) and loss of credibility, both with retail and instos. Progress with the IDC ongoing from mid-October but no specific dates mentioned in quarterly apart from site visits ‘this month’. It’s getting urgent. With all the presentations and blue sky opportunities I've seen in their announcements and all the upsides others have mentioned, why is this boat not already out the harbour? What are the funders seeing that we aren't seeing? Possibly I need to be patient some more.

Construction and development report high level, there remain a number of subbies looking after development, design and scheduling, they’ll need to be paid. I don’t get a sense of construction and design urgency. Replaced various EPC companies with other EPC companies in the quarter. ‘Design optimisations and process reviews’. Even an ‘imminent’ 3D model! Churn in the project arena worries me.

Quarterly report average. Pity. Bottom drawer speccy for now with wait-and-see. I'm still holding out for a 12 month 5-bagger and accept project development swings and roundabouts, it happens. I shall in the interim fertilise my hopes and dreams liberally with more Cabinda material so those hopes can grow big and tall just like the photo of the corn in the field trials update preso.

IMO, DYOR and GLTASH