buy back a positive

I am glad buyback is finally here.

With the compulsory buyback of small parcels and the market buyback almost 10% of stock will be bought at less than cash and 45% of nta.

It is clear company will not move until it gets bigger. That will be by the drill bit and/or buying production. Psa has $100m losses which means no tax on any production for years. In the right hands that is worth another $30m in Cap before discounting.

So whilst it gas been gloomy on the price front the co is trying to kickstart the share price. The buyback of those who want out is the start.(I will be interested whether there will be 11m bought at 9.4.i hope do but suspect the 9.9 is not that large. We will see. If they don't take the 9.4 they will be locked in.) Then the Ann of a purchase and the Hummer etc. Meanwhile Marathon keeps producing at above $4 with condensate and cash sits at AU$25m after buyback.

Psa is great value but co needs to kick a few goals to be heard. I keep buying and getting beaten up but help looks to be at hand.