PSA 0.00% 2.1¢ petsec energy limited

Yogi any views?

  1. 1,317 Posts.
    Yogi be interested in your views on Petsec. It now has 6 confirmed gas producing wells in GOM, three at West Cameron with a total estimated recoverable gas reserve in place of 25 bcf and three wells at Ship Shoal where no reserves have been announced but likely to be as big as or bigger than WC. A fourth production well is planned for SS. Also told by PSA that Llog has discovered oil there but have no confirmation from Llog. Gas from GOM currently selling for $7 million a bcf. Net annual revenues up to $8-$10 million (very conservative back of envelope figures ) seem assured for next 5 years at least with no further drilling success and no account taken of Beibu. First revenues from SS expected in December, West Cameron goes into production in January. PSA has no production costs at former and low production costs at WC. Looks like a no brainer to me! Each time shares tried to break out of trading range last week some one sold them down in what looked like an attempt to spook out some Rivkin supporters. But volumes were small. A lot of people burned by Petsec in the past but rebirth of company looks encouraging. Just needs some broker support?? I hold PSA. JBC
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