Ann: Petsec Energy ASX 4D and Half year financial, page-9

re: Ann: Petsec Energy ASX 4D and Half year f... It takes time putting the acres together. I do expect an acreage ann and the first timing for the initial shale drilling later this month or very early next month.In the interim the cash is not going anywhere.

management have their critics but they said they would resolve the lehman debt...they did. they also said they would sell China...they did.(On China I strongly agree with the sale esp in light of the continual change in tax and tariff rules as seen by Roc). They now say they will put together with its US jv partner enough acreage to make the shale oil program viable esp with horizontal drilling I have no doubt they will do this also.

the key to this stock during its ups and heavy downs is that management is the biggest shareholder.this is, i dare say, their last push.Over the years since 1985 this cos shred,unlike many other oilier, has not blown out. Others are not but I am very happy to ride with them one more time as they use the $50m. Over the next two years you will get an opportunity to sell this stock at multiples of today..how many i have no idea.