Fair call Sturnimator and wise to be pessimistic with these...

Fair call Sturnimator and wise to be pessimistic with these small oilers. PVD have contingencies which reduces the risks of holding shares into the first drill. Importantly they are free carried for 2 wells in Morocco not like TPT with just the one. If the first is a duster you have another chance chasing a different target. Then if that fails their is **on and I expect there will be 2 wells there also. Also a fair chance they will receive a cash component as part of the farm out to cover a chunk of the 3D they will fund. Currently they have 20 million cash in the bank.
If they do hit oil I doubt they would fund development and would just sell it. Majors pay hundreds of millions for a 1 in 10 chance of finding large oil resources. How much do you think they would pay for a sure thing?
On that basis I think there will be a lot of interest as we get closer to the first drill. It's a risk I'm prepared to take and consistent with your advice I will reduce my holding as they work through the contingencies.