Uni - thanks for the info/post, whilst I used to be a avid reader of the local Yemeni news my enthusiasm has waned over the last few months. What is abundantly clear is that PSA management massively underestimated the complexities with getting these assets producing again and are being held hostage to others financial interests. There is no doubt in my mind that PSA's equity interests in Yemen will be offered up in exchange for working capital via a JV with a larger regional oil producer (what else do they have to negotiate with and consider the new MD's regional network), unlikely in my view that will they even retain being the operator - why would you save PSA's hide and not take control? What about OMV as a JV as they are up and running...If Hummer 2 hadn't been such a disaster then we might be in a different situation, the company is straddled with debt and has bugger all revenue after expenses. Let's see what the new MD can bring and how much of the family silver he has to trade..mind you there has been a stony silence since his arrival. Surely anything would be better than a CR at these levels.
PSA Price at posting:
5.8¢ Sentiment: Hold Disclosure: Held
