for captain salty

I like both AWE and PSA. Of the two PSA probably has the best percentage gains ahead given that it has fallen from 1.72 to 1.22 but AWE will no doubt also move ahead once Yolla Gas kicks in. Neither offer the fabulous gains we had from both last year but as minimla risk plays you can't do much better.

I Like AWE better than Roc because Roc is still dependent on more drilling success while AWE has no less than three cornerstone projects coming on stream. Roc only has Saltfleetby and a small interest in Mauritania.

PSA has the best current cash flow of the lot but gas is not well understood and reserves are not that marvellous (though improving all the time). My bet is that PSA will pay a divvie next year which adds tot he attraction. Recent additin of Main Pass to the drilling inventory is vey important and very positive IMO.