RE:RE:RE:ResultsI dont know if anyone here was able to join the call. These were my important takeaways:
1. Mike clearly mentioned that suspension of drilling activity in PNG is directly related to travel restrictions. In March everything stopped while they were in the middle of drilling activity. The activity was stopped midway because covid related safety protocols had to be implemented. As restrictions gets lifted, crew can return and complete those projects. He did mention that there is a budding 2nd wave in some provinces which might lead to further restrictions being imposed in the near term. However, in the medium term...sometime deep in 2021, with widespread vaccinations in place, drilling activity should resume.
2. The depreciation of assets this quarter is a one time expense and we would not see them going forward.
3. Management expects to win substantial number of projects under the abandonment and site reclamation initiative. The have staff and equipment in prime condition to be deployed.
4. They are actively looking for opportunities to deploy capital in value added accquisitions.
I encourage anyone interested in this company to listen/read the transcripts. There is a strong possibility of a return to full operation in all territories by end 2021, early 22.