boe call option, page-31

Hi Researcher, yeah, some interest in those 8 Bn barrels at last!

& I mean at last - I've been in these 3 for a long time. I was involved in the float of Legend Mining & when LEG parted with 70% of Munni Munni (before listing) to ECM, I took an interest in ECM's "brothers" - Ie GRV & ESMCA. Must be ~ 13 yrs ago now.

12 yrs back I got to know Leslie a bit when the silver at Munni Munni was proving difficult to efficiently concentrate with (amongst other things) an incorrectly specified Falcon "centrifuge". White made the commrent that "ECM had the world's richest silver mine & the second richest was right next-door - the tailings dam". Leslie gave me the shale geological reports which wetted my appetite for oil shale.

My gut feeling is that Blumer's/Blue Ensign's super-critical solvent extraction route is the best way to go, but Blue Ensign was supposed to have raised $40M & listed by last Xmas. I believe now looking to raise $50M. When (if) listed, it would then take them at least another 2 yrs to get the SCSX plant built & sorted out (if it works at all) & test GRV/ESM oil shale. Leslie has despaired of waiting & sees the "containerized, ready-to-go microwave unit" as an (almost) immediate way forward.

I haven't followed the Extract Plc/CSIRO SCSX research, & don't know how it's getting along.

Whilst the SCSX route (continuous) would have some difficulties in adding feed into the high pressure reaction chamber, I feel yield of the "hydrogenated sweet crude" end product would be high & the residues environmentally acceptable.

Testing of the microwave route is close & we can hope the process produces an acceptable product with acceptable residues.

Perhaps BOE see a string of 4,000 bpd units .......

Colben