where are those tranche 2 funds, page-16

Lee

as I understand it the rig is drill ready. However for the depth and type of drill they need mud pumps etc and some sort of gantry or similar to get additional height for the deeper drill.
So if we secure a water drill contract previous to November we are ready to go (as I understand it). We have tenders in for some but I don't know expected timings should we be successful however I wouldn't think companies would be wanting to wait over 6 months for shallow water drills?
Again I just play join the dots and can be completely wrong however I can't see why you would epmploy drillers with no drilling to do for 6 months. Something just doesn't add up so I share your confusion. I have nothing from the company to suggest this but simply believe we must be confident of securing at least one drill between now and the WRE contract (assuming we actually now get the signed contract). I also got the impression from the meeting that issues with the CLRS were all but rectified and we would be testing again very soon.

Now please tell me it wasn't you that jumped me and got some oppies at 3.9c! lol

Probably fair buying at 3.9c imo because when the sp is 25c the options should be around 12c imo so a pretty good leverage play. (if we get to 25c of course) :)