PSA 0.00% 2.1¢ petsec energy limited

needs to be more forthcoming...

  1. 1,317 Posts.
    Why is it that PSA finds it so difficult to tell the market that all three wells are now back in production at West Cameron (confirmed to me by the company on Monday), that the two wells #18 and #17 were shut in for the recompletions for a total of xxx days, that production from #13 has continued at a daily rate of 6-7 mmcf (?), that production rates from all three wells are currently at pre shut in rates of 22 mmcf a day(?) and that total production for the June quarter is likely to be 1 to 1.2 bcf net to PSA. The company could also say that one well was down for an extra five days when bad weather held up the workover. It could also say that one well when opened for work over actually produced gas for an additional week. The company could also explain that these workovers are a normal part of field management and will be repeated throughout the year as sands are depleted and that going forward production is likely ot be "lumpy". It might also say how much a workover rig costs on a daily rate.
    Getting information out of Petsecis a bit like drawing teeth and it shouldn't be so. The company has a great story to tell but seems so reluctant to keep the market fully informed and I don't really understand why.
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