It looks to me like they have done exactly what they said they would do and that is sell non core assets to pay down debt and negotiate with farm in partners for bezecca and possibly Sillaro 2 wells, Sillaro 2 costing around 1.8 mil euros then the redrill of Sillaro 1 around 4.5 Mil euros all to be processed at the existing plant. It should be possible to get a loan for Sillaro 2 at least cashflow should then be positive on a more regular basis while progressing the other core assets. We all know the Italian process is prohibitive, there has been some bad luck with drilling and sustainability of wells and management was to blame for the poor evaluation of reserves. As most companies die with a wimper not a bang, I think this company will be around for a while, though the SP wont be anything flash. Po still has some good assets, though producing money from them is still some time away. Good luck if your in or your out, I probably wouldn't be buying in at this stage given the risk reward ratio.
PVE Price at posting:
6.3¢ Sentiment: None Disclosure: Held
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