Seals. " Personally I think there is justifiable scope for wild...

Seals.

" Personally I think there is justifiable scope for wild cat scout drilling "

I would urge against that as money conservation is the most important thing at the moment.

We have all watched the John Wayne movies where the oil men go out and drill a wildcat hole where they knew, in their water, that there was oil, and of course in typical Hollywood fashion, they were right.
However there are no movies about the much more common result where the company went t-up.

With my limited knowledge as a layman, that is what got us in trouble in Peru.
We did not do the type of scientific exploration that we are now doing until S32 came along, and in my opinion we treated every hole as a wildcat.
" There are a heap of good rock chips here so let's sink one right down here."
If we had been more clever in Peru, we may have discovered something big, sold out to a major, and moved on to drilling the stuffing out of the Northern Territory with all the money we would ever need..

We always ran out of money when we were supposed to have enough for a program, and that always meant another round of hands in the pocket.
How we estimated costs in Peru I will never know but they never seemed to be correct.

I have now adopted a policy of deep pockets but short arms. My pockets had a hole in them and now there is no more money in there to put in the kitty.

We have about $5 million but, you know well that that is not even tea money in a decent drill program.

FTFC & P

Lockitt