whos going to ?, page-18

re: petsec post agm lunch... Petzl, I have an issue with your maths.

if you say they are going to produce 60mcf a day, that would equal total production of 21.9bcf for (say) the 2005 year and wipe away almost completely their reserves.

Last year they produced 4.5 bcf of gas for sale. This year, when you deduct declining production from West Cameron and add in 20mcf a day from Vermillion, I think they will produce 6-6.5 bcf this year. It will still be a heap of dosh, but not near what you are stating. Also they have US$7.8M to pay to develop the platform as well as Vermillion drilling costs they have already paid, not to mention more drilling costs for later in the year.

I am a big PSA fan, but not getting that carried away yet.