value

PVD post the mid sep cap raise was trading at around the 70c mark giving the company a market cap of $65mill. Subtract the companies cash position of $7mill their portfolio of assets without the govt 'Morocco' approvals and completion of the mazagan farmout and was being valued at $58mill.

PVD post the most recent dec cap raise is currently trading at the 59c mark giving the company a market cap of $67.5mill. Subtract the companies healthy cash position of $33.5mill and the same portfolio of assets is currently being valued at $34mill that is a discount of $24mill or 21c per share to take the stock back to up 80c per share.

please note these are fairly rough cals but you get the point i am making here and to keep things simple i have not included options simply looking at heads only.