Ann: Petsec Energy June 2018 Quarter Activities Report, page-5

Hi Peter, I know you are heavily invested in PSA and hope it works out. But there is a huge gap between what they say and what they actually do. They have missed every single timeframe they have quoted since they have bought Yemen (and before). I bet they do not produce in 2018. And if they ever do shareholders will be heavily diluted. They didn’t mention at the AGM that the government was wanting more info. All that they mentioned today was new info. Where they aware of this ? Based on experience with PSA I bet there are no permits by Oct.

Anyway, they only have US$1.5mil in cash so further dilution is only a matter of time.