Last Shareholder Update, page-8

Ultimately you can only judge management on what they deliver. And to date they havent delivered full stop. Im not praising management till they sign up a customer and get us to FID.

That having been said, they have put in the groundwork Im sure by meeting potential customers and putting forward to case as Magnolia as the first of the second wave of LNG projects.

Also, the macro conditions are the macro conditions- and to this end it seems the LNG supply glut story is now turning into a LNG market in balance story much quicker than expected.

We cant force customers to sign- but we can have a shovel ready project ready to go. We are still waiting for the Stonepeak equity commitment news and it has been a long time since the company has announced anything of note (apart from EPC extension and a term sheet with VGS) to which you can read no news is good news or no news is no progress.

Also im unaware of any US project having signed a definitive tolling agreement of note, with our competitors having signed non-binding terms sheets. The Cheniere agreement is for them to purchase canadian gas and ship it out as part of existing contracts.

Time will tell. But we are already in March and as the SP drifts lower on no news it does get concerning.