Currently with a market cap of only $40m and shares on issue fully diluted of 280m,will leave pryme prone to being aquired by a larger entity.
With 23000 gross acres(9600 net to pryme),this is currently trading at less than $4000 per acre for the turner bayou project,with no value for any other assets.
Success with the Deshotels13h and remediation of the first well,whilst planning a 3rd well for November,will leave the company exposed with the current market cap.
The eagle ford here is yet to be tested although has substancial thickness and porosity of 12-16% within a proven hydrocarbon bearing system.
If the market does not wake up to the potential of this company very soon then I am sure a mid sized US independant company will.
I would be saddened to see this company go down the same path as Adelphi Energy.
Upon proving the plays potential with the current well,a $10000 per acre valuation would require a 34c share price,yet we are only half of that with no value given to other assets.
Lets see how it all unfolds.
All the best.
Currently with a market cap of only $40m and shares on issue...
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