Finally and out of the blue, (Good thing though), they have engaged the service of a drilling rig which, when it was hard to find one anywhere, they've found one which was mothballed somewhere for a long time.
And another thing which intrigues me a little, is as to why they haven't told us any of that in the last quarterly which was released only two days before. Now, one would be excused to think that it would have taken more than two days to find a drilling rig and to enter into a contract and then sign on the dotted line. But hey, we are talking about CTP here where secrets are always first and foremost. Perhaps it was just another case of been of no material effect.
Anyway, onwards and upwards from here (One Would Hope So Anyway), as it is about time that shareholders will start getting some sort of relief even if it was just a small one.
Another thing which bothers me a little, is as to why we are only going to drill two wells at this point in time, and not four as anticipated and to fulfil the original intentions of raising sufficient funds to drill 4 wells. As to why we need the approval of the ACCC to be able to drill for Gas when we are already into a JV with MB, that I will never know but, such is life.
Lets hope that, with the past history of Palm Valley, (Based on what I have been told), history will be more favourable to us thus avoiding to drill a duster. That would be the last we would need at this point in time.
But, as per usual, time will tell.
CTP Price at posting:
9.5¢ Sentiment: None Disclosure: Held
