I don't know why the SP is where it is ... and I do not know of any "ticking timebomb".
I believe the catalyst for the drop from 14c to 10c came after the June 2013 quarterly result announcement (24th July 2013).
This announcement was the first time PSA talked of reduced reserve expectations in the Marathon wells and of the desire to take up impairment provisions on the shale oil expenditures in Canada and the USA.
Both these issues may have contributed to a Share Price drop.
An exploration company always carry's some risk so you would therefore expect some levels of conservatism being applied to the share price.
Based upon the half yearly report
Cash at Bank is
US$24.2 mil divided by 237.7 mil issued shares
= US 10.1c per share divided by .94 US/AUD current estimate conversion
= AUD 10.7c per share
The current share price of AUD 9.8c per share is not only lower than the cash at bank value but also takes no account of the value of the ongoing producing assets of Marathon and Main Pass let alone any potential upsides from the exploration assets in the company's portfolio.
Cheers PeterRG
PSA Price at posting:
9.8¢ Sentiment: Buy Disclosure: Held