There actually is some new info... they have fromally applied for access to the West Ayad Oilfield facilities
and pipeline access which will cut the trucking route down to 70 KM.....whether or not that has any effect on the approval proess is another matter.
Problem for Petsec is the Production Sharing Agreement for the block runs out in 2023 from memory, so the actual time PSA can produce oil ( whenever, if they start) is shrinking... PSA are confident the can get an extension to cater for the time delay when all was in Force Majeure, however, they were confident the would have negotiated approvals fro production by now so personally not brimming with confidence they will get an extension when, if the oil doesstart to flow.
Hummer is becoming more and more crucial to PSA as time goes on.
Cheers
Dan
PSA Price at posting:
12.5¢ Sentiment: Buy Disclosure: Held
