Zafar Rizvi: The permitting process, we have submitted the permit, which all the requirements which they requested. We completed all the documents. Since that time, they have couple of questions, which we answered them and we — they confirmed that they have received all the documents and it is under review. So from there, we cannot control, it depends on the government agency, how long they were going to take. But we expect that we should receive the permit sooner than anybody else, because we already have done previously, our test well and they know those area and we applied the test well permit previously and we received at that time. So we hope that we will receive sooner and we — now rest is really depend on the agency.
Chris Sakai: Okay. Great. Thanks for your answers.
Zafar Rizvi: Thank you.
Operator: Our next question comes from Graham Price with Raymond James. Please proceed.
Graham Price: Hi. Thanks for taking the questions. First off, I was just wondering about your thoughts around the M&A landscape as it relates to producing assets. How valuations are looking versus a year or two ago?
Stuart Rose: We haven’t seen anything that I — that’s anything up for sale to be honest, so I can’t tell you how valuations are. But I would assume that they up — significant people would want significantly more for their plants than they did a year or two ago. For no other reason, everyone has — had some type of carbon cap — every public company leads to have some type of carbon capture plans and so they think their companies are worth more. Our contention is that the pipeline companies that they are dealing with will end up either; first of all, we think they will be delayed; second of all, we think that they will not contribute to the bottomline what some of these companies think. But in the meantime, they are valuing their companies more than they did a year or two ago, for sure, because of the opportunity, because of the legislation that just passed that, Zafar mentioned, we now can get up to $1 a gallon for 45Z, $85 a ton for 45Q, that’s a lot of money to be distributed to different people.
In our case, we hope to keep the bulk of it.
Graham Price: Okay. Got it. Understood. And then, for my follow-up, I had a more macro policy question. So the EPA recently proposed allowing year round E15 blending in the Midwest. Just wondering, do you think this will happen and does that plan go far enough in your opinion?
Stuart Rose: Zafar, do you want to answer?
Zafar Rizvi: Yeah. It’s hard to say. I think the different — as you can see, the different states are trying to implement and to — that’s — in Iowa and other location — several other states are trying to all year around and they applied for the exemption from the EPA. I hope it’s all year around E15, because if it’s not all year around, it’s discourage the gas station to have six months — eight months or nine months in a year and then they have to discontinue and then start over. So that’s what we hope and — but we cannot predict what Congress or any EPA will probably will do that. There is already a legislation trying to introduce in Congress to allow all year around, and hopefully, that happened.
Graham Price: Got it. That’s clear. Thank you very much. I will pass it on.
Stuart Rose: Thank you.
Operator: Mr. Rose, there are no further questions at this time.
Stuart Rose: Okay. Well, we thank everyone for listening and we look forward to talking after the end of this quarter and talking to everyone again after the end of this quarter. Thank you. Bye.
Operator: That does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your line. Have a great day everyone.
