Of all the other oil micro-cap plays on the ASX at the moment these guys stand out. They deliver on what they say they are going to do and even if only one of the wells comes in with 100 barrels a day, which is a conservative estimate, it will bring in about 3 million even at the current low levels oil is selling at, which is not to bad.
If 2 or even all three of the wells do the same and the price of oil picks up...
The market always over reacts to news, both good and bad. The oil micro-caps have been hammered recently and I am think we are looking at the bottom levels of where PYM will go. I suspect there are quite a few investors sitting on the side lines waiting to see what will happen, and when it does, we will see the stock pice rise significantly.
It could all go the other way, but due to past disappointments it looks like PYM have chosen to go with a relatively safe play this time round and make sure they get results.
The ASX loves a successful oil play. I am in and looking forward to reading some good announcements over the next month.
PYM Price at posting:
0.9¢ Sentiment: Buy Disclosure: Held
