PSA 0.00% 2.1¢ petsec energy limited

very strange - manipulation?, page-5

  1. 10,204 Posts.
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    Definite strange behaviour with the fundamentals looking so good - surely their cash balance doesn't require topping up with another issue to fund Main Pass drilling/development - can't work out the 100 share seller either,all that's doing is increasing the number of trades in the stock - does this help in maintaining their S&P300 listing?
    I think Jocam is being conservative when he says that production this year will only average 25mmcf/day as that equates to only 9.1billion cf for the year whereas the BBY report estimated production at 11.4billion cf for 2005(Table 14) and I would expect production to slowly increase each quarter with the onshore Louisiana wells coming onstream from Apr1 and Main Pass from Aug1 - I'm not expecting a decline in production from the current four wells at Vermilion as they haven't been in production for very long and are expected to last up to four years.
    Maybe the seller expects to buy back at a cheaper price after the company announces it's 2004 profit(?) at the end of Feb although I would expect they'll telegraph the result in the quarterly in two weeks time.The great unknown with this result is how much they will be forced to set aside for DD&A expense on Vermilion - it could be a lot more than we all expect.
    I'm still prepared to believe BRW and their assessment of this being one of the top25 stocks this year.
 
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