Rugiano: Don't get me wrong, I'm not exactly 'blaming' management. I've been holding for quite some time and going back over a year ago I was here sticking up for them when we had the first couple of failed wells. People were screaming for blood and I was there to point out that they weren't deliberately drilling failures and were doing their best. I was there to point out that management has their own money invested too, and I still understand all that.
I do think though, it's fair to say that we've spent the last couple of years being promised more than has been delivered. I have seen Justin presenting twice, and both times he was very very sure about the next well saying that anything under 2,000BOPD IP would be extremely disappointing and he basically promised that anything under 1,000 was inconceivable. After one of the failed wells I saw him presenting and went up to him afterwards for a chat. He assured me that it would be a cheap, quick fix and the well would be flowing up over 1,000BOPD within a month or at most two. That was some time in 2011 and there has been no improvement.
The entire time I have held PYM has been like that. If anything I think it's very fair to say that I've been patient, understanding, forgiving, and on the whole optimistic.
Fluffy: I think we can say PYM has been resurrected when we have a well with a decent rate of production, and not before. I think we can say "As we all know, PYM is sitting on some very good acreage..." and talk about fat land values when that land has at least one productive well on it. I don't think we'd get much more than two thirds of bugger all for the land if we tried to sell it now, and if this well is another dud it will be even worse.
PYM Price at posting:
9.0¢ Sentiment: None Disclosure: Held
