Wow, PPP spent half of their cash on hand on a 15% drill that is not even completed and will require more cash to make the drill commercial if in fact it is deemed commercial.
Now PPP is all in a 50% wild cat drill and the remaining cash may not even be enough.
If this next wildcat drill is a duster then there will no cash left (probably even debt levels) and very little producing oil.
No wonder no one placed any value on the assets and it is a wonder the SP has held up so well considering the cash back is half the current SP now.
Management would have been wiser to put all the cash in the bank and sit on it and keep the SP ~15 cents.
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