Energold Drilling Corp EGDFF

Metals & Mining Industrial Metals & Minerals

Energold Drilling Corp provides drilling services. The company's reportable segments are Minerals, Energy, and Manufacturing. Minerals segment provides drilling services in the minerals industry for parties principally in North America, Mexico, the Caribbean, Central America, South America, Africa and Europe. Energy segment provides drilling and other services to the energy sector in Canada, the U.S. and South America, and Manufacturing segment is engaged in designing, and manufacturing of equipment for water well, mineral exploration and geotechnical drilling companies. It generates a majority of its revenue from the Minerals segment.

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Energold Drilling Corp

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Post by retep6on Dec 03, 2010 8:18am

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Post# 17794360

Bought Deal

I guess Fred wants to get those additional 20 -30 rigs as soon as possible. He said in the conference call that he could easily put 50 additional rigs to work immediately if he had them, so it would appear demand is VERY strong. The new rigs will no doubt all be placed in frontier or greenfield situations, where rates per meter drilled are much higher.

I was initially disapointed by Q3 earnings, given the big revenue increase, but having heard the company's explanation in the conference call (much larger than normal number of rigs working in "brownfield" situations, where the rates are lower), I can see that margins will go up significantly over the next few quarters.

GL all

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