Meeting with Bahay

It was nice to catch up with Bahay today, we scheduled for 30 minutes but chatted for 75 minutes.

It is the first time we have caught up face to face.

I appreciate the time he gave me and he appreciates my support of PWN.

I didn't have a note pad, it was over a coffee so I haven't got this written down, just from memory.

I asked about the amendment to the FS, it include a second Train and if this could mean higher savings for Shell and more annuity income for Parkway. The obvious answer was yes.

A contingent from Shell will be visiting Victoria University next week to see the iBC and aMES plants in person and review some of the results. A major FS deliverable is due this Friday showcasing the results of piloting and techno economic studies. Shell are very excited about the Parkway solution and visiting the plants.

We discussed the work that has been done by Shell up until this point and how none of the solutions have sustainable outcomes until the Parkway Solution was presented to Shell/QGC. I've been told to read all the background info on what Shell have done. The previous solutions were super expensive and still didn't provide Shell with the appropriate outcomes to justify the expense and investment. Parkway's solution is sustainable, produces a positive net return and removes the environmental liabilities currently presented by the brines sitting in ponds. And the cost is going to be a positive attribute of the FS.

Parkway are in the process of wrapping up the FS and presenting it to Shell for review. I can't say exactly when that will be but the word imminent was mentioned.

Shell have invested a lot of money in water treatment over the last decade but they finally have viable, sustainable answer to their environmental challenges. Bahay and the Team are extremely excited about the work they have done for Shell and as presented yesterday, they have cracked the code. That is no mean feat. This solution has also got Shell very excited. The solution is about to set an industry standard. We all know what that means, implementing iBC and aMES at all CSG installations in QLD.

Apart from the massive opportunity in QLD CSG, there is Narrabri with Santos in NSW which is struggling to get regulatory approval due to the brine and salt issue and there is also Bettaloo that has the potential to apply the Parkway solution. The opportunities for Parkway are enormous and the Shell FS will validate the tech and expose Parkway to the investment world, including ESG funds, local and international investors and the market in general. The FS will allow analysts to review the solution and the results of the FS and produce valuation reports for PWN.

The fact that this stock is still flying under the radar astounds me. All the better for all of us long termers and those getting in now or those of us purchasing more. I would like to see the new directors purchase stock on market and I'm sure they will as soon as PWN is out of a Black out period. There is a lot happening with the FS and they are not allowed to purchase. I guess once the FS is released they be able to purchase shares and show their support and conviction to the market.

The new board members are high powered and bring experience with new tech, funding tech ventures and have lots of contacts in the investment industry.

I asked Bahay if the annuity model was still on the table with Shell for QGC and it absolutely is. The Parkway Team are looking at all options to extract the maximum value for us shareholders so all options are on the table and that part of the FS has not been concluded or decided. I like the fact that they have an open mind and are looking for ways to create even more value for Parkway.

We talked timing but there are too many third party variables to be able to provide any certainty on timing. The impression i got and this is my opinion is that Shell are are extraordinarily positive on the PWN solution and can't wait to implement something that has not been achieved to date and take away some serious environment liabilities in terms of $$$$.

I walked away from our catch up very up beat. I can't promise you that the PWN Share price will be 3 cents in Jan or March next year or even when the plant will be up and running but I think it's on the public record that Shell have some regulatory commitments and those dates are fast approaching so I can see solutions being implemented sooner rather than later to meet those commitments.

The CSG industry in Queensland is expanding due to the need for gas both domestically and OS. All players want to maximise revenue and margin so they will be expanding their operations to meet those needs. PWN has lots of work to do.

I hope this helps and sets the scene for what's too come. This is what I can remember at this point, if there is more, I'll be sure to post more.

All of this is my interpretation of the discussion and my opinion. As always DYOR.

Mr M.