Hello Sprout and folks,
I am new here to PYM and trying to get my head around today's announcement, I don't understand why we are sitting on 0.8c. From what I can read and understand there are so many positives including the following :
from Proactive
Pryme Energy (ASX
YM) has intersected 36 net feet of oil and gas saturated sandstones at its Hope Boles PU 1 well at the Capitola Oil Project in the Permian Basin, Texas.
This sounds good to me....11 net metres of oil and gas saturated sandstone.
Production casing is currently being run and will be cemented in the wellbore for completion.
This sounds great to me...so we will be producing oil from this well in the future? At least they are not plugging the hole up.
“
We are delighted with another great drilling result in our Capitola Oil Project with good shows in both of the primary targets, the Canyon Sands and Cline Shale,” said Justin Pettett, Pryme’s Managing Director and CEO. “Completion of the Mahaffey Bishop and Hope Boles wells will commence in November with first oil production from both wells expected early in December.
This sounds excellent to me...if we are going to be producing oil in December then Sprout I 100% agree with you " I cant find a single other short term play in a high quality area drilling cheap wells and three at once" SO WHY IS THIS AT 0.8cents ?
Maybe tomorrow the market might catch on and it will be a good day, good luck to all. Appreciate reading the posts from the regulars here.
CJTJ
