PSA 4.17% 12.5¢ petsec energy limited

september quarter revenues

  1. 1,317 Posts.
    Been trying to assess likely Sept Quarter net revenues to PSA and came up with a figure of around $8 million.

    This is based on daily production of 15 mmcf multiplied by say an average price of $4.75 net to PSA gives a daily net revenue of $US71,250 and weekly revenues of $US 498,750. Allow 10 weeks of production (two weeks downtime due to rigging up and rigging down of drilling rig) and divided by 0.65 to convert to aussie dollars and you get roughly $A7.67 million.

    Not quite sure what actual production rates are currently as we have not had any figures from the company for a while. Last I remember was when three wells were brought back into production after recompletions and company said daily rate was in excess of 25 mmcf.(cf press release 29 May)

    It omitted to say whether these were gross or net but I am assuming they were gross and PSA 's share was closer to 15 mmcfpd. Monthly revenues for June were $US2.3 million (cf June quarter activity report) as conditions probably didn't change all that much in following months my estimate might be a little understated. In other words if monthly revenues since June were in the order of $US 2 to $US 2.3 million then Sept quarter net revenues could be closer to $A9.00 than $7 .00 million. Either way not a bad result for the September or summer quarter.

    With at least one new well in production for the December quarter and prices likely to go higher as winter approaches (they are rising as we speak) December revenues are likely to be considerably higher.

    Have to say that PSA's revenue stream and profit result were better than any of the 21 companies presenting at the Good Oil Conference in Perth. If the market valued PSA like it valued TAP, AWE, ARQ or AYO (they all presented) then its share price would have to be double what it is.

    With results of West Cameron 343 #19 to be announced early next week, possibly even tomorrow, PSA to join the ASX/300 on 22 Sept and the new wells to be in production in October, current prices are unlikely to obtain for much longer. Oh and ROC expects to start drilling in China in mid November.

    Be also interesting if PSA was to announce before too long that it had negotiated to take over Chevron's interests in Vermilion 245. That would make Petsec's Vermilion leases really interesting.

    Thoughts anyone?
 
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