Thanks Bgas. My own opinion is what would be the point in...

Thanks Bgas.

My own opinion is what would be the point in changing Management? The decision to award Western Shell Cryogenic Equipment Company (WSCE) the contract to supply the technology and equipment for the plant in October 2019 along with Covid has created the delays and therefore current Management cop the flak. With hindsight - this is the mistake but not one that could have been foreseen.

• Is it justified? Probably. Unfortunately Stef tied the noose and placed it around the REN/RLT neck in his belief that Phase 1 would go online on time and continued to pull it tighter every time another issue was identified.
• Was he misled by WSCE? Probably. They have failed to deliver and made too many mistakes including the leak in the cold box, insufficient filtration at the compressors and incorrect start up procedures for the compressors which caused extreme undue wear.
• Could management have done anything? Unfortunately there are only limited choices once WSCE commenced and the issues were identified. Work with them or start again.
• Could new Management do anything else? I don't think so, the Phase 1 plant is there. WSCE are contractually responsible for the Phase 1 plant for another 12 to 18 months. They are responsible for getting it working and maintaining it up until then.

Current Management have temporarily removed the noose by not creating undue pressure with continual updates and timelines etc. (not that I am happy with that).They continue to work on all other aspects of the overall project including finance, government approvals, off take agreements, good will agreements, exploration/drilling, Phase 2 FEED/project management planning and preparation and working towards the Nasdaq listing.

New Management with experience in the space will......?