Don't forget that the production restart has nothing to do with PSA anymore so all they can do is rely on the information they get from the operator.
The delay in listing is not actually a delay as such. They said in the quarterly that after lodging the delayed accounts and holding the AGM's they would be able to apply to the ASX to regain listing. The conversations regarding that at the AGM was more along the lines that until they actually have production commenced, the ASX wouldn't grant the request to relist because they wouldn't qualify as such. Hence the delay/ wait to delist until they have at least 3 months production. I got the impression that may have been advice they got from the ASX.
They suspension served the purpose to allow the company into hibernation while it stabilised it's financial position, cut annual running costs from ~ $ 4 million to less than $500 k per annum, exit North America and close all it's offices ( 4 of them ). The management feel a relisting under current circumstances will result in an uninformed market based on misinformation, especially with the operator being a private entity which doesn't want to reveal much information as it plays it's statewide moves. Terry mentioned in such a market the share price could collapse below 1 cent and could potential not recover.
Forgot to mention Boris Ganke turned up as usual and in his own style put up an argument to resist immediately, regardless of what the board were saying.
In all honesty, I will say I disagree with you when you say they have no idea. I totally agree with your sentiment that they completely buggered things up following the paths they took over the last 5 years, probably were a bit arrogant and completely misread what they were getting PSA into when they went into Yemen. But, I am convinced that the current path has been well considered and so far , well executed. Handing operatorship to Octavia and Negotiating an unlimited free carry of S-1 is the best chance they will ever get of getting production out of the block and allowing them to participate in that production free of cost.
We should know by the end of the year one way or another.
Cheers
Dan
PSA Price at posting:
2.1¢ Sentiment: Buy Disclosure: Held
