If you know - please inform the rest of the shareholders as well. We would like to know too....
Did they hook up a pipeline? They were negotiating access......Did they sell any gas.......? Is the first well in production...........? What about the second well...........? Many unanswered questions.
I believe that the company said they were completed and in production...SONRIS still shows the second well WOCR......
What is the final disposition of the the two well programme?
Are they going to P & A the two wells? If so, are they on the hook for more costs?
$US8 million is a big chunk of money for a company the size of PSA. Information to date on the programme has stunk.
And while it takes money to make money in the business, at the end of the day if you end up with less cash in the till than you started, you are not going to be in business very long. Same for cash flow and net returns.
If you can not make more than the MMF cash rate in employing your assets (Currently 5.25%) then you shouldn't be in business. Sell the assets and give the money back to the shareholders.
As a shareholder I don't need to see a bunch of people getting millions in benefits while the share price suffers.
Maybe a little education for some of the posters is needed in remembering that the BOD and management work for the shareholders - the ultimate owners of the company not the other way around.
Despite the fact that one holder has a position of a little less than 30% of the company's shares, the majority are owned by others.
It is about time that the BOD start acting like a BOD of a public company and remember that they represent ALL the shareholders and not just a select few.
It is also about time the the apologists for the company on HC to wake up and see that almost every other company in the sector is sporting huge returns over the past year while PSA is barely positive and start asking "why".
And my answer has been and will continue to the same one I have posted on HC for a long time: IMO it is the management and BOD.
PS:
If they found gas at PL, I would be happy with the result, but still be asking the same questions.
PSA Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
