Folks et al,Drill rigs are "contracted". This is why we see the...

Folks et al,

Drill rigs are "contracted". This is why we see the company in court over the drilling of Annvale.

Rigs are booked from date X to date X, any time over that costs the company big time on a daily basis (correct Newland). The company wastes enough money elsewhere let alone throwing it away liberally.

However, an announcement stating that a rig has 'now' been contracted shows forward progress (correct LL). Rigs are in high demand, hence why the company has stated a 3 month lead time.

Patience is needed once again as the market expected the approval. It's a given as long as the boxes are ticked in the REF, hence no great reaction.

We can draw some comfort from the fact that MEL are now looking to explore the Kangaroo Creek Sandstones. As HS eluded to, they may have missed this the first time round. MEL wouldn't waste their time unless it was a value adding prospective lead.

Here's hoping ROG are on the verge of a turnaround.

Enjoy your day.

Gaspew ;)