PSA 0.00% 5.5¢ petsec energy limited

i get a nose bleed

  1. 1,121 Posts.

    When I start applying various discounted
    cash low projections to potential share
    price.

    There a so many variables that make
    the exercise difficult ;but the 2 main
    are:

    # Gas Prices
    # Drilling Success

    Gas Prices (http/news.trading.com/futures/headines/Gas.html)

    Dont know ,I would only be guessing.
    July contract still above 5.50. US consumes
    more gas than they can produce & inventories
    are at 12 year lows.
    US Bankers are budgeting on $3.50
    PSA has done very well in the past when gas
    prices were trading betwwen $2-$3.50

    #Drilling success
    Jocam has aready mentioned that PSA
    has run at about an 80% success rate.

    I believe that the quality of their drilling programes
    will only get better
    PSA operates now in an area where they have
    the data base , more impotantly the contacts &
    minimal competition.

    The GOM leases go back into the pot if they
    have not been used up after 5 years.
    The majority of small oilers that operated in the area
    have gone to the wall (97-99) the others
    cant raise cash & the big boys are looking
    to greener pastures .
    Be interesting to see how successful upcoming
    drilling is.

    What if they are moderately successful & added 10 bcf
    to reserves p.a

    Then its a question of managemts ability to grow
    the company futher . I would sooner back someone
    in that owns 25% & is rich with experience (good/bad)

    Anyway thats my story.

    Got the straight 6 last week
    MIM,RKN,PCG,PSA,WSA,ADU (still hold)
    Off the rice diet now ;fish & a weeks holiday.

    nb I am due for due for a shocker sson
 
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