With the issues to institutions and the exercise of options by directors (and a few purchases on market), the free float of PVE has been steadily declining since listing. I'm not sure I have the latest figures, but after the latest raising I think it's well under 10%. This explains why liquidity is so low, and may contribute to the "spike and slide" share price movements.
In any event, this is not a company where one wants to pay too much attention to share price movements. If it slides back to a dollar I'll consider buying some more; if it spikes this month I'll have a chance at winning the tipping competition.
The long term prospects seem pretty solid - plenty of upside, though it may take time to eventuate, but a very limited downside now the production approvals, sales, and funding are all in place. The details of the sales agreements are presumably confidential, but it sounds like they incorporate a minimum price. Po Valley's wells should be profitable even if the oil price drops below $30.
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