Time8 Apr 2022 11:36
Last year we appointed a rig contractor on the 22nd March and the drill campaign kicked off on the 14th June and finished tai 1 on the 11 August, tai 2 on the 26th August. We haven’t even entered into a contract yet, as far as I know, never mind secure one. If a contract for a rig is not secured soon it could put this years campaign in doubt imo. Don’t forget, a contract is not done in a day, then you have transportation, mobilisation and construction. Again, all not done overnight. Timelines are getting squeezed every day Dave doesn’t secure a rig.
I would like to know why the BOD have left it so late this year to secure a rig? Or did the war in Ukraine which has undoubtedly caused a rush for rigs catch them out? IF we secure a rig, i can see the SP hitting 18-20p with a fall back after profit taking to 15-16p. IF we don’t, we’ll be getting a cracking top up opportunity if you can wait until next years campaign.