"On top of that they have $15M in cash, "
Needs qualification.
* Includes $7.7 million held in joint operating account for Madagascan 3D seismic program.
The seismic is recorded , processing remains, but will chew up the total $7.7M.
Also rough monthly admin expenses is $1M.
End this current quarter expect usable cash to be around $6M .
Success at MZ-1 in the Cretaceous, will see a cap raising I would guess, before the Jurassic is encountered.
A Cretaceous no show will not bode well for the SP.
A lot is hanging on the next couple of weeks.
Hence the SP resistance at this time.
A further observation , the average drilling progress is around 29 metres per day, on extrapolation to 5600 metres, the "Definite planned TD" we are looking at a further 75 days odd from now.
Sorry to sound negative, but that's how I see it.
Cheers IFINO
PVD Price at posting:
27.0¢ Sentiment: Hold Disclosure: Held
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