PSA 0.00% 5.5¢ petsec energy limited


  1. 7,258 Posts.
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    I'm just back from the AGM-the drop in the shareprice today probably has more to do with the way the AGM was conducted rather than with any disappointing news as there clearly isn't any.
    Terry Fern accompanied his address with a slide show that hasn't been released to ASX but unfortunately after the formal business he didn't ask for questions from the floor and promptly closed the meeting.It was then up to shareholders to approach him after the meeting and ask questions in small groups-considering there was over 60 people present at the meeting & there was loudish music playing after the meeting this presented difficulties for shareholders to hear questions & answers.
    One of the only questions I was able to ask was how long the current West Cameron wells were expected to produce for & he replied that the bulk of the gas would be produced in the next two & half to three years at something like current rates but could continue at lower rates to 2006/7.
    They have hedged 3.75mmbtu out of an expected 20mmbtu over the next six months and won't be increasing this hedging.
    They currently have $A129mil in tax losses in the US & so won't be paying tax for the forseeable future on GOM production.
    The next two wells in West Cameron to be drilled in July have a higher degree of geological risk attached to them than the first three but they are confident of success.
    I think the rest of any knowledge gained is in the AGM address.
    The shares still represent great value especially at todays lower price IMHO.
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