35 cents a share

Po has 110179276 shares on issue, 28330683 in Euros (net tangible assets) with a multiplication of 1.4 into AUD = $39,662,956.20. therefore net tangible assets per share = $0.36/ share. In my experience these figures are usually inflated with the auditors permitting some inflation as they enjoy being paid. make your own assumption as to inflated level of NTA. obviously in the short term Silaro is expected to continue production as expected with an increase in revenue this half (page 2 half yearly). The only concern is the longevity of Silaro and amendments to P1/P2 reserves. Plenty of work coming up, however there has been a few downgrades in 2P reserves other than Castello, Bezzecca also had the downgrade from 44bcf to 3.1 bcf, which is a significant downgrade and does cast some doubt over the reserves across other sites that have been calculated, given the magnitude and gross error in appraisal. A 32% reduction in debt is fantastic and no capital raising is a significant positive. Change in Board and getting the university to re-appraise some of there reserves. The environment in which they operate and sell into has been deemed "Not allowed to fail" with plenty of cash being made available to pump into Italy and Europe in general. Low Volume with a SP drifting lower can be attributed to uncertainty around P1/P2 reserves and a lack of confidence in the accuracy of reporting from management. Hunter Hall want out of this stock and there is no evidence to suggest that any other major insto is pushing to get in. The Loss per share has been greater this year than last, so as most traders/Investors are aware its about establishing a bottom, lets hope it was 24 cents for those holding. 24 cents represents around a 32% reduction from there Net tangible assets per share price. The only fundamental reason for this stock to continue to fall would be that the market does not believe Managements estimates for the Net Tangible assets per share value, i.e. a lack of faith in Management. As far as being a sick dog, lets see if they cant become good Vets and get it back up and about again, rather than just calling in the vultures to pick over the bones.
good luck all.