Spoke with the CEO last night, like the previous poster "hslcgw"...

Spoke with the CEO last night, like the previous poster "hslcgw" I to was interested on his idea of company direction.
He said the main reason they got him was to increase rig utilisation he would not give numbers on profitability but felt with 50% utilisation they could break even at an operational level.
(I felt that was better than current operators who I recall run at losses under 75% utilisation due to lower profit margins)
He felt oil and gas was where the money was to be made but mineral drilling was quicker to set up as less ancillary machinery needed, also the rig fills a niche that other drillers cant do in minerals due to its 154 ton pull-back capability , (also I heard not sure if it was him or another contact as spoken to a few about CKK yesterday, 2 other contractors failed to deliver on the difficult holes CKK is to drill for Newcrest)
I got the impression CKK are limited currently with oil and gas as they only have a low pressure blow out preventer (BOP)
He seems keen and really impressed with the rig they have and has plenty of experience and contacts with the oil industry He would like to see two more rigs built next year but the GT3000 has to prove its worth in the next few jobs for clients before thats a possibility.
He has just taken up the position but I feel he will do well he seems sincere and the sort of guy one would want to do business with.
Its still a very risky stock but worthy of a tiny position in my portfolio