Free-Carried Billion Barrel Well Exposure at an EV of $40m, page-2

It is incredible just how many research reports have been issued by such a small company in such a small amount of time. The reports are always favourably worded, and never account for the possible downside risk to 'investing'. The cheapest junior oil stock by far in this space is Chariot Oil on the London Stock Exchange. It is at cash backing with Morocco, Namibia and Brasil tenements. PVD is in fact one off the most expensive oil stocks that I have seen - at a much higher EV than its peers PCL, JKA, TPT, TAP and FAR. Half the oil wells previously mentioned in the report "The Significance of Nearby Drilling Activity" have actually come up dry. Surely it is only a matter of time until the next research report says "The Insignificance of Nearby Drilling Activity"....the last research report issued by PVD also upgraded reserves in **on. What reserves? They haven't found any oil so how can they increase reserves? This company is spruiked to the point of embarrassment. Sure, PVD may get lucky, but the reality is that only 1 in 20 wells actually finds oil, and to drill a well offshore costs $100m. So to survive as a junior is very hard without constantly going back to market and issuing more shares if you don't get lucky. However in saying that you have to be in it to win it, but I think a little less spruiking and a bit more reality would be a fairer way to represent 'investing' in this company.