Thanks Rye,appreciate your input and shared enthusiasm with our new company...it seems we are on the same page and hopefully on the right track here.
and yes i recall you saying that the rig was sub par and probably not suitable for what they were doing..i hope it's as simple as that to get the job at hand done as the reward could be big.
That whole program was supposed to be $3.5 mill all up for the 4 holes but ended up costing something like $20 mill for 1 and a little bit wells and ultimate failure.
Using that rig didnt save any money in the end and my greatest fear is that it's still there on site as there's been nothing said about it being moved...but surely an expensive bit of equipment like that couldn't just be parked up doing nothing? unless of course it was purchased specifically by someone to be used by Scheupbach/PRL in Uruguay.
I suspect these latest "top ups" of equity in the Uruguay project for Scheupbach (we are down to 31% now) have been in exchange for money owed to the owner of the rig and there's some sort of dispute over who was responsible for the mess it created.
Surely the rig has been paid for by now with the money they've received from us mug PRL investors?
Lets hope the new management team start with a clean slate and make sure we have the best possible equipment on site to get the best possible result in Uruguay if it does go ahead again.
Maybe a 1 well drilling program @ #2 would be best as it has the biggest potential and success would lead to more wells being drilled there then....failure and maybe walk away altogether with potential losses then minimised.
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