Nice work kpkg on finding the court cases. I appreciate the out of the square research for issues that could potentially catch us completely off guard.
Now for my ranting... Hmmm it's somewhat making me doubtful about having put so much towards this company, then again, management were already giving me similar concerns... I am just hopeful that we get some good flow results out this week to (ideally) not be in such as bad cash burning situation. Yes this hole could help revalue our whole Capitola asset but more importantly at this early stage we need to be able to finance further drilling and the meagre salaries that our management are receiving. Like common, I'm so horrified that these guys only get by on $300-$400k a year from a company with a market cap of $6m... Haven't their actions proven that they deserve so much more? There is an award for most consecutively failed attempts on drilling what appeared to be promising holes right? Is there a cash component that comes with it? Because management have probably won it and the shareholders deserve it (the cash component that is). The numbers just completely make sense and i feel like i should be donating directly to PYM to add to their skeletal incomes and for having to put up with such harsh conditions.... Another thing that ticks me off, it's not like they could be using some of their own funds to be increasing their holdings in PYM, no no no noooo, they feel it is more appropriate to just 'allocate' options and shares to each other. They mention repeatedly how undervalued the shares are but helllooooo, I'm pretty sure you have the ability to buy some more yourself on market. It's not like you guys are giving us weekly price sensitive updates that prohibit you from buying any
- there has been ample opportunity. How it must be hard being management and having the best of both worlds: the company goes up they make a fortune on very cheap or free shares/options, the company goes broke, they make a fortune in salaries and move on. Rant over.
Shareholders should be happy with flow results from anywhere between 75-150 bopd and climbing. An extra US$5-10k into our bank account would definitely make things a little easier going forward. My only concern to date is why management have taken so long to drill this hole. I suspect that we may receive more information in next week's update then we bargained for i.e. weather related issues affecting oil production and flow, these court cases, maybe it was another failed hole over a month ago and they have been trying to clean it up ever since? who knows but this week should be interesting. Fingers crossed for us all.
PS. if someone asks why I still hold this company when I have such negative views, well sometimes i ask myself the same question but to put it in a nutshell, I think that this company and their assets have potential. It just frustrates the hell out of me to see it being missed and things not finally eventuating - the story of a small cap company though i suppose, especially in the O&G industry. Secondly, not that I want to but I couldn't sell out now if I chose to. It took me a while to accumulate my holding and consequently, it will take a long time to unwind it as well.
@ Cougar, I find it interesting that you would be happy taking 1.1c as your target price. If it goes to that level, and I think that it will, it will only be on the back of proof that things are changing for PYM and that the company's future is a lot brighter. Why sell out early. Like we were saying, if Capitola has the potential that some people think it has, imagine the value it will bring to PYM $US50m, US$75m, US$100m? no to mention the oil and gas that we will be able to extract from it...
Good luck everyone for next weeks announcement.
Until my next rant...
