Good bit of writing Splain. Comprehensive as always. I would...

Good bit of writing Splain. Comprehensive as always. I would raise a couple of things. Firstly the timing of constructing and commissioning the bio-diesel plant. I think you could add 6 months to the time frame.

I also think a PE of 15 is too high for a stock that is still an emerging company. Junior oilers are more often valued on the npv of reserves rather than a pe. This can change down the track when an oiler proves to the market it can sustain profits over the long term.

I would substitute 85c for your $1.20, but I would prefer that your call comes in. Either way the stock has good upside.