I like your optimism PeterRg. These chaps have quarterly G&A of...

I like your optimism PeterRg. These chaps have quarterly G&A of just under $1 mil USD. They have $26 mil odd at bank and last qtr had net revenue of 300k and made a loss for the quarter. Sure HH and WTI are down but this company has no hedging and no protection to the downside to offset what I think is an out of balance admin expense. Plus, the branch out into Yemen where in this quarterly they state that they intend to flow test AL-M # 1 and drill a wildcat at Omegas as well on approval of government. Not sure if you have been paying attention but there is currently no government in Yemen and it won't matter how friendly they are with the deposed and legitimate government of Mansour as he has no control. Not to mention what i would suggest is the cost to mobilize a rig to test the AM-1 well ( if you can find a company willing to do so at all) - lets say its a $10 mil to $15mil job and PSA are 64% of that. Good luck trying to farm it out as well. I'm unsure of the rationale behind spruiking the Yemen deals so much in the quarterly. Perhaps the new ceo of Mena needed something to do? Still, no doubt there will be a time when that project could be worth hundreds of millions, maybe billions but suspect thats a long long way off. I would rather see them focus on some production/development assets US side and trim down the admin costs, board fees and put in place some sort of hedging strategy. This company looks like a bit of an old bioys club to me.