PSA 0.00% 5.8¢ petsec energy limited

west cameron 352 #14

  1. 1,317 Posts.
    West Cameron #14 is going to take a little longer to drill than than its predecessors perhaps due to the direction of the drill. All up it will be a prognosed 17 days as against 13 days previously. That puts the result back to the end of next week. PSA will not be giving any progress reports if past form is anything to go by. We will will simply get a brief report at the end saying that the well was successful (if that proves to be the case!!), that it interesected x number of reservoirs (5 to 8 are targeted),and that reserves are in line with pre drll estimates. This will be followed by an announcement of the #15 well which I understand will be a sidetrack from #14 well bore.
    It will be interesting to see if there is any movement in the ADRs this week. Although we won't know the outcome of the well until it is reported, the drillers will pass through some of the targeted reservoirs well before that. Maybe some news will leak out who knows. To check the ADRs go to www.pinksheets.com and look up PSJEY. Each US ADR represents 5 ordinary shares. A run on the ADRS would require the issuer (Bank of New York??) to come to the Australian market for scrip to cover. Currently some 13% of issued capital is covered by the ADRS. The American listing provides an added element of upside potential to PSA if the current wells are successful.
    And given these are low risk drills identified by 3 D seismic and on an already producing lease you would have to think they are as good a punt as you could get in the oil and gas patch.
    I understand the targets lie o the east of a fault line thought to separate them from the already discovered and exploited West Cameron sands. Seems to me there is potential for the targets to be considerably bigger than prognosed but of course they could also be water filled if the separation is not complete. We will know soon enough.
 
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