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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.

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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....

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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.

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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!!!!

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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)....

 

 

 

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