ZIP – Zip Co Limited

ASX-announcement today that it has started its drilling campaign on its Ruby Well prospect. This is located 70km from SFR's Degrussa.

So another cheap 'nearology' play given success of SFR and current drilling campaigns by TLM and ALY.

@ time of the last Dec-09 quarterly, it had cash in the bank of $5.7m. Tight share structure with 70m on issue. At 30 cps, this gives a market cap of $21m.

Other prospects apart from Ruby Well.

On the watchlist.