Sprout, you are absolutely correct, I fear PSA are getting involved in Yemen with no real understanding of just how broken the country is. Cost of seismic and drilling likely to be a premium for a start and what assurance is there that profits (assuming oil flows) will be secure. How many times has TF been to Yemen I wonder and apart from one executive what experience do management have in operating in such places (Eritrea, Ethiopia, Myanmar etc etc). I am personally sceptical about the US wells, even if some are successful, the results are unlikely to provide the sp kick that long term holders like myself desire. Hence the high risk/reward Yemen play (all the while running down their cash). One positive is being debt free.
PSA Price at posting:
11.5¢ Sentiment: None Disclosure: Held
