vascohack flips - interpretation someone, page-5

re: psa deathly quiet boards Hmmm looking like a strong reversal......Maybe the insurance policy isn't as good as it is touted to be.....perhaps it only kicks in after a set time? I suggest you phone the company and find out.

Odd we have had no news on West Cameron. My best bet and I caution that I am surmising here is that is they have seen some type of damage probably minor from the air but have not been able to get an inspection crew out to the platform....I emphasize I am just trying to come up with a plausible scenario here.

My take on damage to onshore facilities and undersea piplines is that it could result in long delays to restarting production.....I don't think we will have an accurate handle on that for at least a week. But idications are it could be 4-6 weeks before things start getting back anywhere near close to normal.

In the mean time the real impact to PSA is the longer they are delayed in getting production to shore the less gas they can sell at spot and they are stuck with their low hedged price. They have hedged about 50% of this years production......So punters if they are delayed for say 6 weeks to 2 months then they would be selling their gas at crap prices into about January or February next year. By which time they will only have about 1-2 months of good prices left before nat gas does its seasonal retreat for autumn.

New gas coming on stream from Main Pass will ameliorate the situation but we have no date on when the US authorities will get the water out of the parts of Cameron parish which are flooded. So we may have a longer delay than PSA's annouced one week delay to the completion of the main Pass platform.

So what do you think?