It will take a brave investor and/or a big carrot to secure funding for the next well unfortunately. Fair enough too, I wouldn't exactly be desperate to throw money at this dog in the hope of it turning around.
I would love to see a farmout deal with someone else who is convinced of the geology and has a better drilling ability to do the work. At least then we would get a better idea of the land. At the moment some would be thinking it's just a case of PYM being useless drillers. An external driller with skin in the game would give credibility to the claim that there's actually oil in the ground, and hopefully would actually bring some to the surface.
Of course, we live in the real world and most likely PYM will drill themselves. It will be interesting to see what they come up with.
As painful as fund raising will be, that's probably priced into the market already and once funds are secured it should boost confidence and possibly even share price.
I'm interested to see what they come up with. Painful to think I could have sold out with a profit a few months ago. I don't think that opportunity will come again on speculation alone.
Good luck to all.
PYM Price at posting:
1.4¢ Sentiment: None Disclosure: Held
