Don't get me wrong. I agree that no money should be spent on the rig atm until all this is sorted. I also agree that the company would be in neglect of it's responsibilities if it didn't go full steam ahead attempting to secure contract for the clrs. I just don't think the CLRS is quite as proven as some may believe and fear that we could have another failed technology that will need to be taken back to the work shop for 3 or 4 months to 'work on'.
I spoke to Bernie Kelly last year about the CLRS and seemed to be in agreement with your spreadsheet with reards to the potential revenues for the CLRS. I questioned it but he is the CEO and has made the commitment. He also made the commitment to my face that Telfer would be profitable. Not his fault I guess if the rig was modified and they did the wrong type of drilling set up (other companies are up there drilling successfully..what did they do different?). We obviously needed to have the experience for that and Bernie is no driller. Hopefully he knows more about the core tool and its applications as I hold grave fears that this tool will fail again and once more spreadsheets count for zilch.
Happy to be proven wrong and if ever the CLRS makes revenue for the company of over $10m p.a I will personally send Bernie a bottle of grange with an apology.
CKK Price at posting:
2.7¢ Sentiment: None Disclosure: Held
