Not sure about either. Management are taking it pretty easy with announcements as the market is much the same. Shareholders are mostly waiting patiently for management to deliver results. PYM doesn't have a cash problem at the moment... Its normal for drillers to burn money, that's what management are paid to do. Throw money at the most viable projects with the hope of a good return. We have cash and plenty of it if you compare us to other juniors or even PYM a year ago...
What I can see PYM doing is focusing on smaller vertical wells at the moment and generating a solid bottom line and building up the sp, as well as shareholder confidence. The sp should rise up to 2c where the options will get exercised generating another ~$9m that the company can then spend on more risky horizontal wells or continuing with their vertical well operation... Management will hopefully also have deals of the side that they are negotiating that might accelerate this process for us ie cheaper drill rates, JVs for future development, sale of unused tenaments etc...
Ideas?
PYM Price at posting:
0.7¢ Sentiment: Buy Disclosure: Held
