PSA 0.00% 2.1¢ petsec energy limited

Petsec has yet more success

  1. 1,317 Posts.
    Petsec's third well WC#A-18 has hit 4 payzones with a 34 metre gross production zone. This is three strikes out ot three for PSA on its West Cameron leases. The fields are relatively small 8-10bcf per well but the prices for natural gas in the Gulf are higher (three times higher for example than Swift Energy gets in NZ) and the US fiscal regime (state and federal taxes) is very favorable compared to other countries. Moreover West Cameron will be a very low cost operation. The roughly 25bcf which PSA now has in the ground at West Cameron is worth $A175 million at today's prices (around $US4 per bcf). Sooner or later this is going to be reflected in the share price. Well done Terry Fern. JBC
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