re: Ann: Quarterly Activities Report and Appe...
"Good to see the company fixing their own drilling rig to save money on the coming drilling campaign
kab have a great flexibility using their own rig, saves on cost, start any drilling without having to wait for what rig is available or not for weeks and months."
The rig arrived november last year, they described it as being unsuitable for the job, read the announcements santoo. Thus the dirtectors did not know much about their own rig, or from the staff. Spent time and money to get it to SA from US. Now been advised they have spent more money on it, but no where have they mentioned they will be using this rig for their drilling campaigns.
As for flexibility, it has been sitting there since November doing nothing, they could have easily contracted a rig back then when it became obvious to them that it was 'unsuitable'. They should have checked before shipping and not wasted the time, or at least enquired on its condition and suitability if they did their due dilligence, so another strike on managements actual execution strategies.
It appears weeks and months as you put it would have been far more expediant, than the path they followed.
KAB Price at posting:
1.6¢ Sentiment: Sell Disclosure: Not Held
