If any one is thinking about buying Petsec ahead of the drilling program that is coming up I wouldn't leave it too late. PSA showed signs of moving up last week and I expect that trend to continue this week particularly as a number of important announcements are due.
For those who 'buy early sell before spud" you could be looking at at least 10-20% rise in the stock ahead of China and Vermilion. And if there is some media coverage of the China drill whihc is quite possible given the resource interest in this booming economy, all the counters involved HZN, FAR, PSA and ROC could benefit.
Lastly there has never been any question about Forest's 1988 discovery leaking away. As far as I am aware the reservoirs containg the discovery were not part of the original sands which have produced up to 37 bcf in the past on this lease. The prospectivity of Vermilion 258 and the presence of the Forest discovery pool explains the high cost Petsec paid for the lease a couple of years ago.
PSA Price at posting:
0.0¢ Sentiment: None Disclosure: Held
