It wasn't a wonderful response but then again, it couldn't have...

It wasn't a wonderful response but then again, it couldn't have been announced on a worse da. It was arguably the worst possible day for smallcap oilers for years.

Also, with PYM's history of repeatedly effing up wells, and trying to dress up failed wells as successful or repairable, it's hardly surprising if no one is too excited now when PYM spuds a well. There were probably some folks holding with the hope of getting out with a quick profit on the announcement of the spud, who would now be glad to get out and break even. Looks like we'll have to wait to see if the well produces anything before the price does anything pretty.

The positive is that the full price increase of a good result is still there for anyone keen to jump in now (or for us holders, disgruntled as I'm sure many are).

This isn't a fancy horizontal, just a vertical, so who knows, maybe they can avoid effing it up.