PSA 0.00% 2.1¢ petsec energy limited

an explanation perhaps?

  1. 1,317 Posts.
    Should have opened my Rigzone email earlier. Perhaps it explains the rise in PSA's share price yesterday. It contains a press relase from Pogo Producing Company announcing drilling success in two different leases, one of which Main Pass 62 is in an area where PSA also has an interset. (Main Pass 89). The same Rigzone email also contains an announcement from Energy Partners Ltd that it had successfully drilled a new field discovery in West Cameron Block 210. Again although PSA does not have an interest in this specific block but it it does have an interest in other West Cameron leases and is as we know developing three new discoveries there. What all this does is not only promote the pospectivity of PSA's leases in these areas but also underscores the value to PSA of the data base it managed to bring with it when company was reorganised. This data base, builtup over a period of 10 years, apparently includes significant info on the shallow waters of the gulf where PSA is now concentrating its efforts and presumably contributed to the decision, a very successful one as it turns out, to apply for the West Cameron leases in the MMS auctions earlier this year. It should also inform PSA's selection of leases to apply for in the upcoming auctions. PSA looks pretty good to me. I hold. JBC
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