re: to stoss
Peter, I am not really sure, the volumes are small although bigger today than they were on Monday and Tuesday. The average trade was a bit over $5,000 today as compared say to Hardman whose average trade today was $21,619 sugesting that there is more serious money chasing HDR (as you would expect with all the broker support and publicity) than PSA.
So I guess we are rising on the back of retail support at this stage and with the stock as illiquid as it is a bit of demand can move it fairly rapidly as we well know. T
Maybe some people have been waiting until we got closer to the Vermilion announcement before getting on board. Be interesting to see what that announcement does to the share price. And whether it leads to any broker recommendations.
It is a big month coming up for Petsec with the start of Vermilion, the quarterly report and hopefully some details of the new Main Pass acquisition. This leads up to Fern's (or maybe it's Keogh's) presentation at the Denver Oil Conference that atomep drew out attention to. If we get some US punters looking at the stock it could really get a move on.
From there it is on to a six well drilling program in H2 which can be a bit of a roller coaster ride but there is no doubt the market like drilling activity.
With gas prices as high as they are and PSA hopefully tripling daily production levels when they turn the Vermilion taps on in a weekor two I can't see too much downside for the time being.
Miningnut has alerted us to the possibility of a disappointing financial result for the first half but I think that will be more than offset by the better prospects for the second half and all the activity that is planned.
PSA Price at posting:
0.0¢ Sentiment: None Disclosure: Held
