melua Posted November 16, 2012 Share Posted November 16, 2012 I should have wrote initial production of 1000+ BOPD which is typical of this region in the Austin Chalk. As for the average 45 BOPD so far from two wells, you're correct, however, if you read the announcements you will note the mechanical problems they encountered with the production lining. Of course it's not going to flow if the holes aren't opening up like they are supposed to. If they can overcome those problems there is significant upside. the oil is there and the porosity is very high. The register is tight and only ~250M shares. Makes a difference if you get results. No loose register flooding the market with sell orders. If they stuff this third completion up, the stock is back to 1c. I admit that. Link to comment Share on other sites More sharing options...
davo22 Posted November 17, 2012 Share Posted November 17, 2012 While mechanical problems were encountered, I believe the size of those problems relative to the flow rate has likely been overstated.....IMO PYM did a good job laying all the blame on low flow rates solely to mechanical issues becouse if not the company was gone as it is their only asset with any potential!! If it was purely mechanical issues why have they not been resolved?? They certainly do not have the market cap/cash to be playing around trying to learn new completion techniques.... Link to comment Share on other sites More sharing options...
melua Posted November 17, 2012 Share Posted November 17, 2012 Ok. It's a dog with no upside. Link to comment Share on other sites More sharing options...
farmer fred Posted November 17, 2012 Share Posted November 17, 2012 Dont forget the Rabalais 35-1 well drilled by Andarko in PYM's acreage a year ago. It was a complete dud. Fortunately PYM was only up for a $1m share of the well. No doubt if this well is a success it will spike on the results, however longerterm, would want a bit better than one in four considering each well costs $8m. Still no word on closing of the loan facility from Macquarie, originally due on 1st Oct, then on 1st Nov. Link to comment Share on other sites More sharing options...
melua Posted November 17, 2012 Share Posted November 17, 2012 Fred, Best stay clear of Pryma. davo has shown us it's a dog with no upside. Link to comment Share on other sites More sharing options...
melua Posted November 17, 2012 Share Posted November 17, 2012 What I do know is that IF this horizontal flows, the stock will have a very big run. Low number of shares and tight register will ensure that. However, davo says it's a dog so best avoid it. Link to comment Share on other sites More sharing options...
davo22 Posted November 18, 2012 Share Posted November 18, 2012 Best stay clear of Pryma. davo has shown us it's a dog with no upside. For someone who spent the last few days carrying on about being "mis quoting" you make this statement, that is not what I said...I never said there was no upside only that the potential upside was not worthy of the high risk indicated by the previous 2 wells which have been a total flop!!! But of course the fact Melua is buying adds significant value to the companys fundamentals!!lol Oops what this?? New announcement out, apparently the majority of this 15,000ft well is stuffed!!!.....and they havent even gotten to drilling the horizontal section.....BAD NEWS for PYM!!!! Link to comment Share on other sites More sharing options...
davo22 Posted November 19, 2012 Share Posted November 19, 2012 What I do know is that IF this horizontal flows, the stock will have a very big run. Low number of shares and tight register will ensure that. ............And of course if the well is a dud, the low number of shares and tight register will become a looser register with no buyers... Good luck!! (Considering the majority of drilling so far is a writeoff you might need it).... Link to comment Share on other sites More sharing options...
davo22 Posted November 19, 2012 Share Posted November 19, 2012 I hope the problems dont affect the debt facility being closed of on, If Mac bank were to call in the bridging facility PYM would be up the creek with no project to speak off.......... Link to comment Share on other sites More sharing options...
melua Posted November 19, 2012 Share Posted November 19, 2012 I said if the well is a dud, the stock will be 1c. What more do you want? It's 7c so perhaps the well isn't a dud yet? Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now