RM Research have produced an independent report on Pryme,...

RM Research have produced an independent report on Pryme, recommending a speculative buy. In summary, they say the market has been harsh on Pryme, due to the Atocha set-back, and they are currently trading at 58% below RM's "proven-reserves-only" valuation of 14c/share.

Overall valuation , including probable, possible reserves, cash and corporate overhead is 48c/share.

Very interesting to read. I don't know much about RM Research but presuming they are truly independent, there is a hell of a lot of upside for Pryme.

You can't say management haven't tried to raise their profile in the market. I'm still a bit baffled as to why the shares are trading so cheaply, especially as they are producing oil and gas now.

Admittedly the amounts are relatively small compared to the big players, but things are growing steadily and are likely to be generating enough cash surplus to cover further projects this year.