PYM (ASX) Spud

Originally posted by Sprout ↑

Kelsie00 was looking at your post further up re twice failed. I think you have to look at it another way. A company goes out and spends hundreds of hours looking for a project. They troll through numerous logs, lines of seismic, well reports, engineering reports and land-man reports. Then they have to make a call on what project to go with. There are literally thousands and thousands of projects being marketed just in the US alone every day and all promising wondrous returns. Once a company has made a call on the project to go with , which by the way always seems to me to be predicated on what the "market" ( investors ) want , hundreds and hundreds of hours are further invested....negotiations, drilling companies,well service providers, engineering groups and the list goes on. Its a huge job. Then , once all this is done the one thing that the whole market seems to forget ( I see this from reading posts across all the junior O&G comps by people) is that a couple of people have put their balls and reputations on the line again. Those people are the MD's and COO's and Directors of these small companies. Everyone seems to pat them on the back and tell them to get out there and drill and when its a dry hole/duster or as with Pryme and Turner Bayou a technical nightmare, everyone hates them. I'm not saying that directors are not accountable , rather I'm saying that at the end of the day they are there to make money for shareholders in a very very risky business. So, given that I've been back and looked at all of PYMs projects and news flow over the last three years I'd say this;

1) They have production and cash-flow that keeps them going
2) Turner Bayou was a bees d**k from being successful ( 3 wells all failed due to bad operatorship or bad engineering advice - none of which was primarily PYMs cause as far as I can see in reading between the lines)
3) these guys are back again drilling and delivering on a lower risk cheaper play that keeps all shareholders in the game
4) How many nights sleep lost do you think the management of PYM have had in the last few years? I bet plenty. You have to be thick skinned Id say to hang in there and keep going. You have to admire a bunch that don't just throw the towel in ?
So , in summary ( pretty long winded so apologies) ;

I'd rate a team that keeps at it in the way these guys have. There is no BS in what they say and have said (my opinion only of course) presently and in the past. Kudos to them for sticking at it and fingers crossed that the Capitola Project is a winner for them and us as shareholders. Tis a risky business we are investing in no doubt.

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good post sprout.

i think you'll find re your earlier query that the flow rates logged on RRC were around 280bopd from memory, but you'll want to double check that.