The potential has never been exceptional. The failure at...

The potential has never been exceptional. The failure at Ortahaza demonstrated that management subscribe to the ill-advised theory that location is somehow as important as temperature.

Personally I took a fair beating on GRK before I cut losses. I can't say it wasn't deserved, as I always had major concerns about management's initiative when, in discussion regarding rig acquisition, they elucidated their intentions: Ask GDY for rights to the lightning rig! Amazing! And our option-exercise money is paying for that!

GRK can still choose to focus their remaining funds on the Spencer Gulf GELs. It would be a decisive victory for shareholders if they announced their decision to exit from the Ortahaza JV, placed O.D on the backburner, and performed a round of shallow drilling at Spencer. Positive results could allow for a JV partner to be brought in, and the strong potential for geothermal distillation would attract public interest and investment. They could have a JV in place and an appraisal well spudded within a year if they moved now.

If such a plan was implemented, and funding secured, there is every reason to believe GRK would be trading with a market cap equal to at least that of PTR, providing a 12 month return of over 100% if capital is raised from the JV partner by issuing equity in the project.

Until then, GRK looks set to underperform relative to peers.