re: dd&a expense The quarterly looked great to me. They have...

re: dd&a expense The quarterly looked great to me. They have made the effort to give an enthusiastic press release, which I appreciated.

The market is now informed about most of the unknowns. Admittedly the company could still do better on a few details, such as:
- confirming whether the first onshore well met expectations
- what was the cost overrun for putting the new V wells online?

The story for 2004 was Vermilion, which in 2005 will simply become a cash cow.

2005 we can reasonably expect the story to be Main Pass plus the 25% onshore lease.

2006 looks like the new onshore exploration area, and possibly China. Although PSA would not be the operator in China, they would have a spend in 2006 to get it off the ground and earning. The new onshore area looks exciting as a growth prospect.