And of course, there does eventually come a time where...

And of course, there does eventually come a time where fundamentals do count for something. Opaline, you mentioned that you did not expect any significant SP upside to the successful completion of the flow tests, but it is very likely that there is a backlist of sidelined investment vehicles that cannot accept the risk inherent to an unproven technology. It may not be fireworks, but successful flow tests (and any data that emerges prematurely) could act as a pivot point from which accumulation can begin for a batch of investors with different risk profiles than those here present.

I agree that JOL1, in it's capacity as a technical feat, will not raise too many eyebrows, though there is value and risk-mitigation in proving that the extraction unit is readily replicated in an expansive resource. Increased drilling time will be somewhat offset by the increased reservoir quality that is modelled at 5000m depth (more fractures under higher pressure = similar volume with higher surface area, a critical feature for heterogeneous flow). This information would be encouraging for the market.

They have over $190M in cash, shares and equipment - to go back to 65c, they would be trading around cash backing, with no value placed on the project or the $105M funding from Origin.

Not likely.

Cheers