I do not understand how the market's reaction can be so muted.  The impact of the 2 discoveries, for a company the size of PTA, is material.  The potential production rates at LC-1 could be 2-4 times the initial restricted natural flow rates.  80ft of net pay is fairly significant, with 2 more zones to be tested.  Yes, the gas could slow production tie-in, but it is only a matter of time.

Then there is the addition of an additional discovery at LM-5, and the indications of net pay for the Mirador and Gachetta means the pool size will likely be closer to the P10 pool size.

My fear is that the market will not recognize PTA's potential and value, and they will get gobbled up by a mid-size or larger fish for significantly below their true value.  PXT is guaranteed to be sniffing at this point.  They will likely wait for apprasial at La Casona and IMO make a move mid to late 2013.

The fact is money talks, and if the cash flow starts to come in more significantly, the market will have to take note.