The question is why did they release the announcement after close on budget day. 1-2 weeks maybe to block the steam, 6-9 months maybe the delay in the pilot plant...all a bit wishy washy that could have been released yesterday or tomorrow. The clearest statement in the announcement is that this incident does not impact in any way GDY's long term goal. It is a statement of committment to the concept.
I'd bet a dollar that there is some mention of geothermal and / or GDY in the budget tonight - maybe a contribution by the government to the research proposal put forward by GDY a couple of weeks ago, maybe more.
Seeing we'll know if there is anythnig in the budget for geothermal before the markets open again please do not see this as a ramp.
RNE Price at posting:
$1.02 Sentiment: Hold Disclosure: Held
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(20min delay)