Collected comments:
CC summery:
Cash through 2009 including for new hires
Talented, experienced new hires already on the team
Marketing continues including with Kuwait National Petroleum Company and Houston customer
Consistent, repeatable lab results
Existing patents are valid even for new advances
50%+ sulfur reduction (repeatable)
API and viscosity benefits (repeatable)
Existing equipment continues to work
Operating test facilities in UAE and Houston
PR/IR advances
They haven't said much about API. I assume that's because it is still unpredictable and, while trying to establish a revenue stream, they are working with higher APIs in the range that don't benefit much from upgrade.
The fact that the probes are lasting was a pleasant suprise; a big plus. That is a tricky design issue. Flexed metal fatigues, even if you are staying inside the statically measured elastic limit. If they are at 20,000 Hz, that, in a few weeks, is a lot of cycles.
That they get different results with different oil was, of course, to be expected. There are a lot of variables hence a lot of testing to do. But they claim to have their little lab setup at the stage where they can duplicate results with the 5,000 bbl/d customer test system. As experience grows, they will be able to reduce the variable count for optimization.
IMO, their greatest opportunity is in the future with viscous, high sulfur oils (read elevated temperature operation) but until they have income, they will (IMO) be wise to stick with the path they are currently on.
