I've been as positive as I can be with PGS, but am obviously disappointed that SXY with all its drilling success, managed 2 out of 2 clean misses with the PEL 514 exploration holes that played the core part of securing 80% of PEL 514 (we'll done SXY)
This coupled with yesterday's confirmation that PGS has no idea of what's going on with PEL 514 (we got advised of Sprig-1 outcome via PGS quoting SXY quarterly - post some selling in PGS - that's a joke) This offers little hope that management has any capacity, other than just sitting still & absorbing more & more of the $4M left in the kitty, without lifting a finger.
Not to mention we haven't been advised how PGS is going to cover its contribution of the ORG farm-in exploration expenditure, which at today's prices is pretty much equivalent to PGS's market cap.
No immediate drilling ahead only offers more downside for this in the near term...
PGS Price at posting:
1.6¢ Sentiment: None Disclosure: Held
