While you are at it..
Ask him:
1) If the FDA asked Cortical for additional studies like the one they are doing now for BARM, for FDA approval?
2) How much they estimated Baleen's well to cost, at the depth they are suggesting?
3) How they will fund the drill if MMR will not contribute?
4) If in the event they are only given to February 2022 by NOPTA, how they will have time to drill PEP-11?
5) If the second application is approved and if the first is rejected if they intend to do 3D seismic surveying?
6) If they have applied for any CCS incentive?
7) If he has evidence for how PEP-11 could not be progressed due to COVID-19, e.g documentary evidence that they could have progressed the permit if it were not for COVID-19.
8) How he thinks either application is going to be approved if there are multiple infractions to the guidelines: 1) Submitted 20 days before end of “permit year”. 40day infraction of the Offshore Petroleum Exploration Guideline. 2) Expired without fulfilling the permit conditions. 3) The joint authority requested further information to the first application (couldn't approve it in that form), 4) Whether or not EP386's rejection will influence the NOPTA decision because they can look at past performance of the applicants parent companies: “Past performance of the applicant, parent company, where applicable, and/or directors is a factor the Joint Authority will consider during the decision making process” 1.38 Past Performance, Offshore Petroleum Exploration Guideline 2015 EP386 had its application for extension rejected… they are now appealing to the State Administrative Tribunal. The permit’s term expired on the 31/03/2020 according to ASX:MMR 03/04/2018 5) Going from the initial completion date of the PEP-11 permit conditions in 12/08/2017 to now a request to 12/02/2022 and if that they think continuous extensions will be accepted by NOPTA: “The Joint Authority may not offer an exploration permit to an applicant on the basis that the applicant’s past performance indicates a history of non-compliance with permit conditions or the applicant does not demonstrate a proven ability to significantly advance the assessment and understanding of the petroleum potential of permit areas. “1.41 Past Performance, Offshore Petroleum Exploration Guideline 2015. 6)
9) Why they think that NOPTA will allow them to remove the 3D seismic work condition when the company structure admitted: "“As expected, the 2D seismic data acquired earlier in 2018, whilst encouraging the prospectivity of PEP11, has not sufficiently de-risked PEP11 to justify the drilling of a new exploration well therein.” ASX:MMR 04/02/2019. And if there is a proposed replacement work program activity and if it is a similar or a superior technique to 3D being substituted in as a replacement as the guidelines require? 2.22: "The Joint Authority will generally only agree to a variation if the proposed replacement work program activity is a similar or superior technique and the activity meets or exceeds the objective of the original work program commitment."
Usually I don't want to engage with directors of companies because I consider that cheating. It is also not fair to managing directors of listed companies to put them on the spot with very detailed and extremely difficult questions. What I do consider fair is researching what is already made public and allow the directors to just simply obey the listing rules as they already have to do. However, if David Breeze wants to answer those questions, then he can go right ahead.
Unfortunately a lot of those questions require ASX announcements as they are price sensitive. However, if I was buying a business, they are the questions I would be asking. Also... shareholders are technically buying a portion of the business, so I understand we are entitled to ask these types of questions, but I still shy away from doing so.
In conclusion, if David Breeze does answer those questions, and he can provide what I would consider good, positive answers, then I expect the share price to stay above 12 cents indefinitely.
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