That $10k outlay may take the share price up to 8c, but I doubt it would last long. I think there are quite a few sellers who would be very keen to sell some pretty large volumes at that price (I know a couple). I was considering buying a large bunch from one at 8c, but while umming and aahing the price dropped to the point where I could have bought for less, and I think I'd have a chance at wooing a seller if I put a large bid up at around 6-7c. I'm down close to $40k on PYM now, it's the most I've ever been down on any one company. It would have been great to sell when I was sitting on a big fat profit :P
The land might be good, but it's really difficult to see PYM doing anything with it now. We don't have the money to drill even a small handful of wells, it's difficult to have any confidence in the next well or two being successful, so we're likely to be looking at forced capital raising after delays, delays and delays with nothing but three dismal, uneconomic wells to encourage people to part with their money. If we *knew* the land was good, and we *knew* PYM were capable of drilling, and we *knew* that enough other people were going to do the same to ensure PYM would have sufficient funding, sure, we'd all love to pour some more money in, but it's really difficult to see that happening. I hate to be negative about it when I have so much riding on it, but I think our only hope is the next well being a success, or some remedial work being miraculously effective. Unfortunately both seem unlikely. I do hope the delays are giving the engineers time to learn and plan and get things right.
PYM Price at posting:
6.7¢ Sentiment: Hold Disclosure: Held
