$48 million pvd dissected

Market cap AUD$48 million

Mazagan 23% cost PVD AUD$7 million (acquire & seismic)
This is based on Freeport backcosts to PVD of US$$15 million (AUD$16 million) for 52% of Mazagan.

Nkembe cost US$9 million (AUD$10 million) block purchase plus seismic & evaluation costs to date approx another AUD$10 million (my estimation based on quarterly reports).
Total approx $20 million spent in Gabon.

PVD has no debt (as just paid back the $2.4 million loan) and have approx $21 million cash.

So PVD's outlays on Moroccon asset plus Gabon asset plus cash = market cap.

Which means:

Freeports two well $215 million drilling program in Mazagan next year valued by the market at ZERO.

PVD's 23% of the 7 billion barrels total estimated prospective resource being targeted by Freeport valued by the market at a pathetic $7 million (cost price).

Nkembe 80% with a contingent 20 million barrel LOBA resource & farm-out imminent ($10 mil backcosts?) valued by market at at approx $20 million (cost price).

Madagascar - it may as well not exist!

I haven't got the money to be greedy but my snout is in the trough along with the share price!