RE: First Revenues:to follow up with some numbers (from a past calculation I did):
To date, Balay-1 has produced over 285,000 barrels of oil from test production. 15% to Petroamerica means they have over 42,750 barrels of oil to sell to Petrobra to date from only test production on Balay-1. If they sold that oil to Petrobra for $75 per barrel given that oil prices have been over $100 for a long time (the discount to Petrobra are due to the obvious reasons, i.e operating costs, Petrobra pipeline, infrastructure in place to get the oil to market (if Petrobra sells in Europe where Brent crude prices are much higher than WTI, then buying at $75 from Petroamerica isn't too bad). Then subtract another $25 per barrel for taxes and other costs, then profit to Petroamerica from that 42,750 barrels is $2.14 million (42,750*50).
Over $2 million profit from only test production on one well is not bad. Calculate what it'll be When Balay-1 to go into full production and Balay-2 and Balay-3 to come online.
Given that current market cap of PTA is $100 million and they have 34% of that in cash (cash on hand at May 9th is $34 million) then it's obvious how under valued PTA is currently.