well i have reduced my holdings, page-18

psi81,

you are calling pb a loose cannon but you also said that when it comes to a bird in the hand or two in the bush pb would go for the bush every time.

here's an old post from you re teresa and THAT bush....i guess thats why your not nor ever will be a PB.

cheers,

I'm a bit bemused by Linc's foray into coal exploration. I can only assume that they want to give their rig something to do while they're not drilling at Chinchilla, and PB's finding the idea of a rig sitting around doing nothing in the current exploration environment to be abhorrent.

Which is fair enough, but there are some issues that I can see.

1. Their rig is crap. I know that from personal experience. It's very old and breaks down a lot, even though it's been overhauled.

2. Their rig is slow, and they only have one. It's going to take them a long time to drill enough holes for a decent JORC resource.

3. Nobody is going to buy the tenement unless it they can be certain there is a good JORC resource there.

4. They are desperate for geologists, like everybody else. Entire projects grind to a halt for want of a geologist.


All these things combine to mean they might not be seeing any profits from this coal exploration for several years. If they do, it will definitely be worth it, because the value of the coal in situ FAR exceeds the costs in drilling it.

But it would have been safer for them just to contract their rig out to other explorers who are absolutely desperate for rigs, and would pay top dollar to secure it. It wouldn't earn as much, of course, but it would be a guaranteed income stream, right now.

But somehow that's just not PB's style, is it? :) If it's a case of bird in the hand vs two in the bush, PB will go for the bush every time. So hopefully my doubts are proven wrong!