Hmm not so sure. I have been a research reporter and broker, the...

Hmm not so sure. I have been a research reporter and broker, the brokers in there are all generally pretty dumb. Barely a degree between them, they pass a simple multi choice test to become a broker then set about losing people a lot of money with little recourse. The research reporters can't be objective as they have to place buys on the stocks the company is promoting. Rarely do you see a sell as it;'s bad for business. It's a commission driven industry that sells predominantly rubbish stocks to punters. Brokers don't make money putting you into Computershare at $1.50 and waiting 10 years to get them to $12.50. They make money sprucing penny dreadfuls they can sell a month later at 25% gain.

PVD has now raised more money from investors than they are actually capitalised at, so no one has actually made any money at all on the whole except the directors at this stage. The directors have managed to make near on $5 million so far on fees and performance shares with no risk at all.

I did not buy shares in the IPO. I have personally only bought this once at between 28c and 35c in mid 2012 selling between 75c and 96c late 2012. I had a look last year at sub 40 as mentioned, and again recently but was hoping for sub 30s. It's not big on my wish list to be honest so I am not that concerned as it's a high spec play - and I bought TAP circa 38c instead. Troy Hayden, who was actually the PVD MD's old boss, is a very sharp operator and has a good history from Woodside.

For the remainder of the year I can't really see why PVD would go up unless the surrounding drilling comes off and fires up their acreage - so far they are getting dusters in **on and Morocco. They need to raise money again this year and they are still 12 months from drilling the company maker.

They may of course go up as they need to get the share price up again to raise more funds, so you could possibly bank on that in the short term.