Rather @0.5c PYM is trading at 1/2 cash backing. I am guessing...

Rather @0.5c PYM is trading at 1/2 cash backing. I am guessing cash in the Bank at the moment is around 8m. In the last report available cash was 8.5M. Fair price considering cash backing is 0.9c (asset valuation excluded). In addition comes upside potential from drilling program (PYM has very little proven reserves and more good news in that front will be good for share price). Any further well development programme will need more funding so dilution in the future is a possibility. Unfortunately dilution was extraordinary and since 2007 PYM share price fell 99%. But for drilling programme PYM has enough cash. As i wrote PYM has to deliver results. Without that market cap will decline following useless cash burn.