PSA 6.90% 6.2¢ petsec energy limited

in the money

  1. 1,317 Posts.
    According to PSA quarterly company produced 2.2 bcf in first half of the year and had some $17.5 million in cash at the end of June if one includes June sales for which cash not received. West Cameron wells will be drilled during August and if successful brought into production in time to meet winter demand. Current production from all three wells is 16mmcf a day which I assume is net to PSA. Production platform has potential to produce up to 40 mmcf a day.
    When you consider that to West Cameron wells were out of production for 5 weeks duringthe June quarter for recompletions June result is excellent and exceeded my expectations.
    Revenues for second half should at least match if not exceed those for first half which will give PSA a lot of money to play with since its entire exploration budget for 2003 of $A 18 million (West Cameron, Vermilion and CHina) is virtually covered by cash already in hand.
    Bit of good press in the next day or two and we are away!!!
 
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