azz, coe, and psa: three little dogs and a puppy: , page-9

re: psa brokers buy rec........ Brokers recomendation .........


Petsec Energy (PSA $1.12) - Main Pass 19 - 3 from 3!
The third well in the Main Pass 19 lease (PSA NRI 45.8%) has drilled to a total depth of 2997m, and intersected some 15m of
net pay over two separate sands. This is the third successful well on this lease, and has appraised some 12-15 bcf of gas net to
PSA. Patersons would expect this to be tied in via the already acquired second-hand production jacket in late third quarter this
year. Flow rates of up to 5-7 mmscfpd should be achievable from this development. PSA has now addressed its relatively short
field operating lives with this appraisal well - which should be tied in relatively quickly. We also note the large increase in
acreage position - implying plenty of future opportunities for the group. BUY.



Good trading
M2u

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