first quarter activities report, page-7

PSA has moved forward in its development and has now started to address the reserve(s) question . It now has a basic number of production wells to safely maintain levels , whenever recompletions are required .

The ASX is now valuing at $1.28 PSA with more realism , compared to other oilers .

H2/04 should see solid advancement into a mature stage of development , more consolidation in the GOM . China is way off in contributing anything worthwhile . China is years away . GOM is the now .