Thankyou for the corrections, bones, but I suspect a lot more happened at Merriden than a simple shortage of funds. I suspect when they hit water it became too dangerous to proceed. There was a veil of silence over that project, and interestingly, when they finally recieved the purpose build wellhead, and with $10m in cash in the kitty, they parked up the rig where it's remained all year! If I were a geothermal company I'd be cautious about hiring an unproven rig to drill the first hole, and as it stands, the GT is still unproven. If it was just a simple matter of money CKK would have completed at Merriden, and contracts would be signed and sealed.
DJ
CKK Price at posting:
5.5¢ Sentiment: None Disclosure: Held
