Should see some more support here monday and dont foget gas prices rose 8% friday which adds a lot more to psa bottom line.
A lot of drilling to come this month with any more successes bound to have a huge impact on share price for the following reasons. PSA is earning 16 mill or roughly 16c per share before the recent runnup in gas prices. PSA has no hedging so earnings should be 20mill plus on current gas prices placing it on a p/e of around 5,if they gte more successes with the next 2 current drilling programs that p/e will reduce due to further earnings,remember the average for the asx is around 16,which is 3 times that of psa,so to put psa on an average p/e we'd see a price of $3. PSA is just about to break the 100 mill market cap which means it will come onto the radar of fund managers. The top 20 holds 70+% of all shares available. There is no real technical resistance unless you go back to the 1990's at around $1.30 ish,I dont think this will be strong as most punters from those days would be out by now. PSA used to be $7 and there is no reason why it cant get there again.
Anyway do your homework...it can sell itself
PSA Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
