Is anyone hearing any "specific" news on K-6? With some actual details?
On May 14th, in response to my queries on K-6, I got an email response from Bell's IR person that read in part: "We are very excited about the progress being made at Kabba, drillhole K-6 is currently under way; we have completed about half of the drilling phase and anticipate the completion in the near future."
While that statement is technically true, it was worded in such a way as to lead the reader to believe they were half way there because the well had reached half its target depth.
Yet today we see a new PR "Kabba Drilling Re-Commences" and we learned that K-6 was halted "in order to deal with down-hole water issues which have now been rectified."
Rectified?
Call me gullible, but when I'm told by the company's IR that the current well is about half way through, I tend to think it's because drilling has reached such and such depth.
Not because it has been halted. Not because drilling had been suspended because of 'water issues'.
"Disingenuous" is the word that comes to my mind as a treatment of my investor query.
Moreover today's PR is sketchy. No info whatsoever on how serious these water problems were (or "are"?). How have they been recitifed? Is this unique to K-6 or is there any possibility that future Kabba wells could encounter similar issues?
And of course cost: how did the water issues affect the budget for K-6?
Water issues? The city of Los Angeles has water issues. So does Bangladesh! It would be in Bell's interest to be a bit more forthcoming and share with its investors a more complete picture of what's going on.
I use to have a boss who'd remind us: "I don't mind problems, but I hate surprises." The latter being problems that were swept under the rug until circumstances forced their discovery.
It was just yesterday that I was going through my "Kabba notes" as well as some new material and was seriously thinking about adding a substancial purchase to my already significant position.
I do really like Dr. Marsh's model and thinking on the potential copper-moly deposit at Kabba. That's on one side. On the other, I really wonder if Bell's IR will talk to me like an adult and give me all the news: good and not-so-good.
Right now, the latter is winning.
