Should be 81c (at least), page-5

Great analysis, but fundamentally flawed. It's great that we can all elect to go on this ride with PVD, who knows what will happen. As we have seen with a lot of wells drilled in this vicinity, there are not too many that will be commercial, even considering that they have encountered hydrocarbons. This well appears on balance to have a reasonably good chance of success, but the risk is enormous. So let's consider the current price.
Now 45ish cents, PVD has the equivalent of 14 cents per share cash (as of 31/3) it produces nothing, and has interests in 3 permits (none of which will produce for years, even if successful)
Only back in February they raised money (at 36c per share!!)
For an explorer to have a market cap which is over 30c above its' cash holding is pretty good, I think we are already in "blue sky" territory already.
We all know that these type of speculatory shares are only worth what people are prepared to pay. B.O.L.T.A.