posted on pym site

PRA ASX release today gives more information than the PYM release, in part:

"Further pressure testing resulted in a gradual accumulation of 10,000 psi. The fluid creates pressure against the formation, thus restricting the flow of natural gas. The slow pressure build up also confirms the tight nature of the formation and confirms the possibility of fracture stimulating the formation, which was originally planned and budgeted for at the beginning of the reentry"

To understand this situation check out the following site:

http://en.wikipedia.org/wiki/Hydraulic_fracturing

"Drilling a borehole or well involves applying downward pressure to a rotating drill bit. This drilling action produces rock chips and fine rock particles that may enter cracks and pore space at the wellbore wall, resulting in damage to the permeability at and near the wellbore. The damage reduces flow into the borehole from the surrounding rock formation, and seals off the borehole from the surrounding rock. Hydraulic fracturing can be used to bypass this damage.
Hydraulic fracture stimulation is commonly applied to wells drilled in low permeability reservoirs. Most gas wells in the US rely on hydraulic fracturing to produce gas at economic rates."

I think management made a mistake in calling a Trading Halt and raising shareholders expectations of a spectacular result but, instead, giving a ho-hum descriptive statement of procedures and telling us to wait "as long as a week at which time further update will be released".

A Trading Halt for that; no wonder the share prices of the three musketeers in this swashbuckling adventure tanked!

The ASX release should have accentuated the positive - there is 10000 psi gas down there - it needs acidizing and hydraulic fracturing as allowed for in our budget - this is normal in the Tuscaloosa pay sand etc...but NO Trading Halt for this planned drilling program.

PYM knows how to manage this; they just have to follow their own video at:

http://www.prymeoilandgas.com/multimedia/index.html

Hey guys! get a decent PR on board that knows how to 'spin' with style - S Aust Premier, Mike Randy comes to mind..OH! if he's not available then a few calls to Breezy at MEC or Phil Kelso at BUY should give some clues about ASX releases that work so that shareholders don't miss out; MEC up 737% in the last 12 months followed by BUY up only 384.2% PYM (in the middle of an exciting program) down 27.2% on today's close.