anyone watching here, page-17

This is very good news against the backdrop of its dropping shareprice. Guaranty bank has agreed to lend another $14m ( if PSA want it) at any time over next two years. The bank is obviously very confident, even in low gas price days, that psa has no debt issues.

The production will now come back on in a meaningful way and psas hedging both on the call side and their puts will mean Oct 1/4 is better than market expects.Also remember 30% of next years prod is priced at over $8.30 from memory.Costs are also coming down big time so all will be well with psa.

The other thing to remember is Terry Fern has been here before. He has had experience in a low gas environment and what is required.

The reality is you can buy a 20c company that has run off assets at many times that and hopefully China will get developed once oil recovers.