It Works! - Coretrack Limited Technology

Coretrack Limited (CKK) shareholders have suffered a bit this year with the company share price on a steady downward trend.  The share price hit a rolling year low of $0.071 last month but today shareholders received some excellent news.

The company is focusing on developing it's Core Level Recorder System (CLRS) technology which is used when drilling holes for oil and gas.  Basically, the technology sends a signal to the surface advising the driller if the sample being collected has been jammed in the hole.  This can result in significant cost savings because as it stands if the driller suspects that sample has been jammed he/she can only remove the drill and check or take a punt and continue to drill deeper.  With drigs in short supply and the equipment expensive, the use of this technology could go a long way in solving the problem explained.

Today, the company claimed that the technology managed to measure core intake for the entire drill hole at the Noblige 2 deep water well operated by Woodsie Petroleum (WPL).  Whilst this is early days and only one trial this is a big step for the company in proving it's technology.

CKK shares finished up $0.012 to $0.105 on 2.5million units traded.

Jacka Resources Trading Halt

It's been just over two months since I first posted about Jacka Resources (JKA).  Since then there has been a lack of newsflow.  A few days after I posted about the company the stock price hit a high of $0.14 before that price spike was arrested after a 'please explain' from the ASX.  The share price since then has been weak along with the rest of the market.

The company went into trading halt yesterday and is due to release an announcement tomorrow regarding a 'Head of Agreement for a strategic asset transaction'.  It will definitely be one to keep an eye on over the next few days.