re: Ann: Company Update - World First Drillin...
Just read an interesting article about Coretrack in The Mining Chronicle. Points I'm highlighting:
"Coretrack is on track, barring any unforeseen glitches, for the big reveal in June this year."
If everything does go to plan and an announcement hits the market, does anyone think this will have a considerable effect on the sp? I'm assuming it will as the technical risk would have been finally removed. There's more buyers around and the company seems to be raising its PR profile really well. This, coupled with a modest cap raise to me shows high confidence from within, so if there are any glitches I reckon they'll be straightforward to overcome. In other words I think CKK think they have it cracked. Then it'll be a question of commercialisation or as previously discussed (in this thread), new corporate direction. Still speculative but less speculative imo. On the technical side there are also some good quotes from the article:
"Significantly it will prevent unnecessary “tripping” in and out of wells – which in an offshore environment could translate into 10-15 hours of lost time and half a million dollars in costs. Mr van ‘t Riet also underscored the other benefit of the CLRS. “When operators fail to detect a jam and continue coring, they are likely to mill the formation. If this happens, operators will need to drill a deviated well in order to get the required data, which could rack up millions of dollars in outlays in the offshore environment. Our tool eliminates this risk.”
I also liked this quote from the CEO, which to me shows how seriously the oil companies take the CKK technology:
"As a new player, it’s not always easy to convince an oil company to put a new tool in a $40 million well."
SV
PS anyone know why Gruffalo's been sin binned?
CKK Price at posting:
32.7¢ Sentiment: Buy Disclosure: Held