about time for a presentation update, page-8

The annual report should be out soon. There should also be quarterly production and activities reports around the end of this month.

Unless one of those farm-ins eventuates, however, it could be some time before we get more news. This is a slow-moving business.

Barring something going wrong with Sillaro, though, it's hard not to think PVE is grossly undervalued. That a bank is prepared to extend an 8 million euro debt facility (of which 6 million is drawn on) at 1.8% over Euribor suggests a static asset valuation in excess of 20 million euro.