Vert clearly demonstrated today that this company is making a packet. Profit prospects look particularly strong for 2006 as the DD&A rules are accelerating writes off in 2005, only to leave blank spaces in the write off columns for 2006.
Problem is market does not believe it, but this point was put across to them strongly today.
Also they have stated an ASX investigation is being held into the price manipulation with the program trading last week. I look forward to the result of this in due course.
One questioner managed to squeeze from Terry that a positive cash position of between US$15-20M could be achieved by end of year if production and prices stay around current levels and exploration is US$25M as stated (May be a little more if Main Pass is overly successful, which it looks like it will be).
Fundamentals are there, not selling mine. I think they are taking the lack of Investor Relations hint a little more seriously now.
PSA Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
