watch out for changes in sub shareholder notic

The volume traded today is circa 15% of the total shares outstanding. Given there are only 3 shareholders who holds more than 10%, i think it is quite likely that one of the 3 have sold down. If this is the case, we should find out early next week.

While the extent of the reserve downgrade is on the high side, it has been flagged by the management in previous communication. In any case, if you value PVE on its remaining p50 reserve of 63.2 bcf, the recent decrease in share price is not justified. Put it simply, i think PVE is fundamentally worth more than double of the current share price despite the downgrade. This is excluding potential discovery from its exploration prospect.