1. Money or the lack of the $5 to $7million Ptr needs within 6mths, to fund its share for the p3 drill.
2..The drill rig which needs to be able to drill down to 4 miles.
Pts has two major investers..the Ethical fund which has chosen to support Ptr a number of times already and Minataur its previous owner...which also has been very supportive of Ptr in the past...
There are also 40million options @ 3 cents...that would be converted if Ptr can maintain its share price above 3,5 to 4cents over a long period of time.. This can be achieved if any good news comes forward within the next 6mths..ie a joint venture...Beach increase their participation rate..etc..
Last but not the least ...Ptr only has a small number of shares and could increase the number of shares via a placement...
Beach is the partner which drilled the other wells...and will drill p3...
They currently have a Shale gas drilling program goin full steam ahead....they require drills that can drill holes down to around 4miles...
It could be possible to get one of these rigs to drill the hole for p3 once there is a lull in there current shale drilling program...say when the fraccing period....is going on..?
I am not suggesting that they drill p3 in there lunch break...off course?.? But u should get my drift?
Money..solved.....Drill rig solved..me thinks?
PTR Price at posting:
2.1¢ Sentiment: Buy Disclosure: Held
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