a tad disappointed with that response, page-5

nothing to be disappointed about... I think you have to see PSA's announcement today in the context of the highly competitive environment in which they are operating in the GOM. These guys don't want to give anything a way that might make it more expensive to do deals in the areea or might get others into thinking about drilling the same sands but on the neighbouring lease. This is one of the reasons we really don't know much about V#2 and where its targeted sands are. In the GOM it is finders, keepers. No unitisation of small gas reservoirs in this patch.

If they spillover into the adjoining lease the last thing Petsec wants is Chevron rushing in a drill rig and getting at the sands first, alerted to their potential by an effusive report on V#1. Remember US drillers don't have to report well results like Australian companies do so it seems to me that Petsec has done just enough to meet ASX requirements while meeting its own requirements for confidentiality.

This is a good result and one that must give them confidence that V#2 will also be successful. Note they have dropped the number of targeted sands from 5 to 4 but upgraded the potential size of pay from 12 bcf to over 14 bcf. All this no doubt on the basis of results from V#1. They are running production casing now so they obviously believe they have enough in V#1 all ready to justify a production platform.

I suspect they have met their 17.5 bcf target with this well though I we won't obviously know for certain until final drilling reportd are announced. But it looks terrific to me. What a way to start the year.