Checked with PSA today and we are apparently pretty close to an announcment on the start up of production at Vermilion. I understand everything has gone according to plan with the platform, the pipeline and completions etc.
My guess is the announcement will come this week but the company has said it wants to see what stabilised production flows are before reporting them so it may be early next week. Actually I wouldn't be surprised if they weren't in production already.
Someone raised a query some time ago as to why PSA was only getting 55% of the Main Pass 19 lease when it paid something like 75% for it.
Answer is that Triangle, PSA 's partner in the prospect, worked up the application and the details of the prospect and came to Petsec with the deal. Some of the management guys at Triangle are former employees of Petsec, so good that they felt comfortable coming back to Fern and Keogh with this proposal. Says something good about PSA's mangement.
Also means that other deals are possible with Triangle and gives PSA access to another team with good knowledge of the GOM.
The announcement should provoke a bit of interest in Petsec's shares though there may have already been some buying in anticipation.
PSA Price at posting:
0.0¢ Sentiment: None Disclosure: Held
