Upbeat presentation today with some very encouraging comments on the new Main Pass leases picked up at the March 2005 MMS auction in which they have a 100% interest with the oil word being mentioned. It was pleasing to note that Vermilion is back producing 23 mmcfe/day which gives hope to them producing a similar EBITDAX figure for the current qtr that was produced in the March qtr - that would be US$27mil EBITDAX for the half year and with Main Pass in production by the beginning of October there must be real hope of them achieving US$50mil EBITDAX for the full year - meanwhile the current market cap is US$90mil.
PSA Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
