I agree, their cash position is fairly good at present considering the situation. They have made the right choice in holding the 3rd well to next year to technically learn from what is going on. In addition, oil price is high-ish and getting good cash from this with probable increase from the pumping should increase our cash flow and holding over the next few months alleviating the need for further cap raisings.
The other projects it owns pay for the general operating expenses of the business, so the burn rate of its capital should not decrease at all and should in fact increase over the next few months, although not at the rate we would have liked.
PYM Price at posting:
6.7¢ Sentiment: None Disclosure: Held
