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Geodrill Limited GEODF


Primary Symbol: T.GEO

Geodrill Limited is an Isle of Man-based exploration drilling company with a fleet of 76 drill rigs operating in Africa and South America. The Company operates in approximately two continents and seven countries, namely Ghana, Burkina Faso, Cote d’Ivoire, Mali in West Arica; Egypt in North Africa; and Peru and Chile in South America. The Company provides Reverse Circulation, Diamond Core, Deep Directional Navi Drilling, Air-Core, Grade Control, Geo-Tech, and Water Borehole drilling services to intermediate and junior mining companies and operates a fleet of multi-purpose rigs in Africa. Its fleet stands at approximately 76 drills and is made up of over nine types, including EDM 2000 multi-purpose (qty. 6), Sandvik DE 810 multi-purpose (qty. 11), Sandvik DE 740 core (qty. 10), Sandvik DE 710 core (qty. 10), X1200 Multi-Purpose (1), X900 Multi-Purpose (17), Austex X350 RC / Grade Control (qty. 2), Austex X300 Air-core (qty. 7) and LM90 (qty. 7).


TSX:GEO - Post by User

Post by FrozenInOntarioon Oct 19, 2021 9:18am
191 Views
Post# 34021701

Capital Ltd

Capital LtdCapital Ltd is another driller  focused on the African market.  Interestingly, they are big in Egypt re Geodrill is expanding and were the only act in town. They mostly do drilling but also offer lab services.

They just publish (october 13) their trading update as of september 30.  Results were pretty good,  Outlook for 4the quarter was raised.   Interesting comment : Looking ahead we continue to see strong demand across all our business areas with the tender pipeline looking very encouraging. We see increased activity with our existing clients, given high commodity prices, but also new opportunities are opening in our key market Egypt, with exploration in the country showing very positive signs as we begin exploration contracts at Sukari and also with Thani and Allied

I have not done the math but they also trade very cheaply having made something like .10 in eps in the first half.

All this to say, everything points to an excellent quarter for GEO and the next ones should be pretty good.   While it might be boring to wait for the rerating, it will boom one of these days.  All the drillers are cheap, it will not stay this way forever.   Otherwise, we will see some M&A in the sector.    MDI did an acquisition in Australia and DH1 just merged with another company.


GLTA
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