I don’t think it’s any cause for concern. As far as I can...

I don’t think it’s any cause for concern. As far as I can observe, Shell doesn’t tend to do deals with companies at such an early stage as Hazer is (the exception being companies in its venture capital incubator, which we wouldn’t need to join), but rather once the technology has been proved up.

I expect Hazer’s commercial demo plant and large-scale concept would be a minimum prerequisite for a multi-year pilot with Shell, and that’s a good year off. Equally, they might sit on the sidelines for a few years and weigh up making an acquisition bid if the business works out. Even at 10 times the current price, we’d barely be a canapé for a US$200bn+ company like this. They can well afford to take their time.