Ridden this baby down from $1.75 over way too many years. Did jump off the elevator (elevator shaft?) a couple of times and back on, so damage is not as great as it could have been, but too high nevertheless.
They are now not even producing enough gas to cover costs. And while I'm no oil and gas well expert, I'm going to take a stab and guess that once a small field is in decline and already 40% depleted, its unlikely to ever increase production again.
So what has PVE got to offer? "Potential" from new fields - maybe. Problem is that they will need to raise capital prior to those fields being brought into production.
Their much-vaunted $20m debt facility with Nedbank, turned out to only be a $5.5m facility. I suspect this will be further reduced as Silaro reserves are downgraded.
So they will be left to raise capital at sub-10c, and with a now long, long track record of over-promising and under-delivering.
This gold-plated Board and who's who Chairman have turned out to be naked Emperors ...
GLTA.
PVE Price at posting:
11.0¢ Sentiment: ST Sell Disclosure: Not Held
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