PSA 0.00% 4.1¢ petsec energy limited

good result... disappointing reaction

  1. 1,317 Posts.
    Good result from PSA with net revenues of $17.1 million for the quarter which in fact is nine weeks given that production started on 23 January. With 1.4 bcf net for PSA over the period production rates have averaged 22mmcf a day net to the company. That's impressive. Sensible decision also to hedge some gas production (5 mmcf per day) over summer months at $4.87.
    As usual a bit of info missing and no doubt will be sought at AGM including estimated reserves at West Cameron, size of targets at Vermilion, exploration activity at Ship Shoal, cost of upcoming West Cameron wells etc etc.
    Still company looks on target to bring in up to $50 million of net revenues this year which suggests share price is undervalued on fundamentals and takes absolutley no account of China which the more that leaks out about it the better it looks. PSA now says at least two or more of the known five fields could be economically developed by using low cost engineering techniques commonly used in the GOM. JV now looking at 4 wells in late 2003 or 2004.
    Price reaction today disappointing but typical in this market. Don't expect much action now until instos have a chance to go over the figures and perhaps talk to the company. Now on to the AGM.
 
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Last trade - 10.06am 26/02/2020 (20 minute delay) ?
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