"The Company will be the operator of the tenements which have...

"The Company will be the operator of the tenements which have been applied for jointly with major resource companies."

Could be interesting. I managed to pick up a decent parcel at 10c in anticipation of "imminent announcement of the successful tenders for Western Australian geothermal tenements". I've got no idea what they have picked up, but a well positioned (preferably adjacent to a significant water body) project partnered with a major oiler could add a few cents to the SP, or even bring a new focus to the company.

Regarding the rig, they have no funds to secure such an item. Is the implication that they are pursuing advanced-stage JV negotiations, with rig funding to be supplied by the partner and GRK retaining operating rights? Or is this a repeat of their previous miscalculations, where access to a rig was wildly miscalculated?

On the assumption they this is not a repeat of previous mistakes, the stock looks interesting after this hint-laden announcement.