Well it is coming up to 3 months since they had their constructive discussions and were assured that the permits were in train and that they know the new oil Minister. Crickets in background !
If they know the new Oil minister why doesn't he just issue the permit ? Is PSA being transparent ? Just another 3 months of cash burn.
Discussions have been elevated to a senior level and late in the quarter a series of constructive formal and informal meetings were held with senior officials from the Hadi Administration in Riyadh, Saudi Arabia. Officials from the administration welcomed Petsec’s investment in Yemen and confirmed that the process of providing formal approvals supporting the Company’s planned operations was in train. On the 24th of December the Yemeni President announced the appointment of a new Minister of Oil and Minerals, Mr. Aws Al-Oud, an engineer from the Ministry of Oil and Minerals, and known to the Company.
PSA Price at posting:
9.9¢ Sentiment: None Disclosure: Not Held
