How confident can any investor be that 50 70,000 cubic meters will flow / day, when there last estimates where so incorrect? Even the remaining reserves will need to be halved from 3.2 - 1.5 mil and extracted at the lower end of the rate 3000 / day, given the issues that they have already encountered. this means they have around 1.5 years maybe 2 of production from Vitalba-1dir. Getting money for exploration wont be cheap as there risk profile will have increased dramatically and thats not withstanding that they are in Italy. I wonder if the 2P reserves are actually a combination of 2P and 3P reserves, making it only a 20% chance that they even exist. Management need cash but most of all they need credence in what they say, to date things have not been handled well.
PVE Price at posting:
25.5¢ Sentiment: LT Buy Disclosure: Held
