Just over 11 years ago or so they were sailing along making profits and pivoting to high risk jurisdictions and more than 30% revenue from exploration drilling. They used debt for their pivot.
Then the sector hit a downturn and things went south very quickly. They eventually lost something like 99% of shareholder value.
Most drillers and mining contractors hit the wall during that downturn- some recovered and later thrived- some did not.
There are a lot of learnings here. This sector has risk.
The West African risk in PRN is a concern to me. I preferred the DDH risk. Whatever.
IMHO DYOR
And seasonal greetings to all.
PRN Price at posting:
$1.04 Sentiment: Hold Disclosure: Not Held
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