Didn't go to the AGM but have regular calls to management. From memory (as nothing is now in printed form), nothing much has changed the new operator pursuing licenses to operate (was this an OMV affiliate and if so, does their potential exit from Yemen complicate things). The main focus for the operator still seems to be getting the licenses and getting production back up, such that PSA can demonstrate to the noteholders they have a chance of paying off the debt. Interest payable on the debt is now substantial, so it is not just $14M (US$?) owed. If there is no movement on the licenses in the next 6 months (preparation for production would take another ~6 months after licensing, with income distributed most likely quarterly in arrears), then I think it will be all over and noteholders will be forced to step in (noteholders/ debt payable early 2024?).
PSA Price at posting:
2.1¢ Sentiment: None Disclosure: Held
