PYM (ASX) selling

Originally posted by bunclefester ↑

hi BF I based my theory on rereading all announcements.
I was happy at .40c. But see it as VG value now.Here are just a few reasons.
I believe there has to be a good reason to successfully attract these raisings.
In October, the Company made a private placement of 11,562,500 fully paid ordinary shares at $0.32 per share to raise $3.7 million to two cornerstone investors

Following the year end, a further placement was made to raise $6.58 million by the issue of 18,800,000 shares at $0.35 per share to cornerstone investors

Cash on hand:$6,862,310

Director purchased 650,000 @15c on 11/4 following on from a purchase of 700,000 @.35c on 6/3

2 recent change in substantial shareholder announcements

IMHO I believe they had reasons for setting options at .40c at June 08.

SP has now moved off the low point .15c

I could see more reasons to invest then not to when I read the latest announcement. These are just a few:-
A new potential oil zone has been identified in the Northwest Rogers Field.
Pryme presently has five prospective well locations undergoing permitting.
Production from the Grable 15#1 well has been increasing and now exceeds 760 Mcfd and 20 barrels per day of condensate. At these rates, using realised prices of $6.00 per Mcf of gas and $90 per barrel of condensate, Pryme’s net revenue from this well’s initial production should exceed US$50,000 per month.

"The third well in the Raven project is scheduled to be drilled in mid-May. When drilled, and if completed as a producing well, it will provide sufficient information for a reservoir engineer to prepare a report on proven and proven undeveloped reserves for the project.
Of additional importance to the Raven project, the large US independent oil and gas company Chesapeake Energy (NYSE: CHK) recently announced a major natural gas discovery in the Haynesville Shale in Northern Louisiana. Raven is on trend with the discovery and contains the Haynesville formation although it is not yet known whether the formation is productive within the 4,000 acres Pryme has leased for the project. Shareholders will be informed of any further relevant developments."
Taking a bit of a punt on the "Haynesville " formation.

No doubt a few good announcements will help SP. But am illing to buy more on further dips below .18c

Happy to get your vibes on PYM

regards
Freespin