I reckon Terry Kallis might have a plan to buy a rig of his own.
Think about this: they already have $10 million from the government and BPT earmarked for the drilling. To buy an equivalent rig to GDY would cost another $20 million. If he can talk the share price up to around the $1.20 mark they would only need to issue another 17 million shares taking the total to 74 million.
This would place them in a fantastic position. They would have $8 million cash, a portfolio of projects, a rig to drill when and where they want, a JV partner with plenty of drilling experience and lots of happy shareholders. Also with the government currently asking them how they can expedite things, perhaps they can do even better than this?
PTR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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