$18mil profit for half year, page-5

You say(or was it the Oil/Gas Bulletin) 'forget China'-perhaps you(or they) should read the valuation report done by HZN on their interest in China. China won't happen to 2005 but it does have substantial value today although most people looking at PSA are mainly looking at the tax-free revenue they will earn over the next three years(at least) from GOM, especially if the next four wells at West Cameron & Vermilion are successful.You must remember that they only started drilling in GOM at this time last year so to have three years of reserves already is a good start. But yes if the two upcoming wells are duds then the price will retreat somewhat.