I have been in touch with the company and understand the following:
- Delays in California have been the result of several factors. Primarily the competition for service company personnel and crews amongst much bigger companies. In addition, they have experienced equipment failure and delays while waiting for critical equipment.
- Despite these factors... The company is still bullish on the Paloma project.
- Production has been reduced at North San Ardo due to mechanical reasons. The company has filed two solutions for permits to the county last week. Each of which will resolve the problem.
- Institutions appear to be standing by their investment in the company.
A lot of this has been reiterated by Ken in the last BRR announcement.
NEN Price at posting:
23.5¢ Sentiment: None Disclosure: Held
