Peter Reid, the Operations Manager, has confirmed that PTR will be pursuing the Lightning Rig. GDY management have been in a Board meeting all day confirming their expected timelines, and discussing what other companies will be able to access the rig.
There are several third-party groups also pursuing the rig, so I hope it doesn't just go to the highest bidder, as ambitious but underfunded geothermal companies may have to wait.
PTR has been actively negotiating securing the rig, and GRK is expected to enter into negotiations soon.
There are rigs available in Australia, but they really max out at 3000m, and PTR need capability of 3500m, whilst GRK need around 5000m. Both companies acknowledge that the Lightning Rig is the only onshore option.
The Geothermal industry may be heading towards a bit of a bottleneck. This might change the dynamics of which companies are worth investing in over the coming year.
PTR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)