I contacted Paul Underwood as I wanted to understand why there was delays with the BOP, especially when it seemed like there was plenty of time to find a solution to ensure the ontime drilling of the rig, as this may go to unnerving some investors (me included) about the competency of the management. He came back to me with a fair response, basically saying that they had an existing BOP in place on the rig but when the the Australian drillers saw that it was manual, they said they couldn't use it under OH&S regulations. So they sourced another one from Brisbane (manufactured in China), but when they were hit with the delay of the mine collapse, they decided to source another one (exactly the same) that came direct from the factory, thus delivering a substabtial saving. Unfortunatley the factory then had a delay. So at that point investors and management were equally frustrated. He also let me know the scale of the operation which is in the order of mobilising something like 40 trucks of equipment and 30 people. So this is a big deal and something that is hopefully wortwhile.
TNP Price at posting:
2.7¢ Sentiment: Buy Disclosure: Held
