I was just about tp ost the following:Hi Russell,By all means...

I was just about tp ost the following:
Hi Russell,

By all means pass on my email to your broker friend who is seeing Fern shortly. Have to say though in the meantime I have been able to get some info from Petsec which is as follows:

Only one well at west Cameron currently having some work done on it, all others are in production at a rate of some 10 mmcf a day net to Petsec. This has been a consistent flow rate for much of this year.

Vermilion is on track for an early July production. Platform is apparently now on site. If Vermilion comes on stream at around 20 mmcf net to Petsec then with its West Cameron production PSA will be netting around A$250,000 free cash flow a day at current prices or a bit over $7 million a month for the rest of the year and that doesn’t allow for the extra production to be brought on stream for the accelerated development well planned at Vermilion for September.

Main Pass has yet to be awarded but the MMS has three months in which to take a decision on the Petsec bid. As the auction was held on 17 March we should know the outcome in a week, maybe even this week. If the MMS rejects the bid that will be a bit of a negative for the stock. If the MMS approves the bid then Main Pass will be drilled in December /January.

Interesting that Petsec’s partners in the Main Pass bid include a group of former technical people who worked for Petsec in the 90’s. Says a bit about the company’s credibility and reputation that these guys would want to continue to work up proposals and share them with PSA.

You are right acturtle the market is crap and too easily moved by people with larger pockets and better inside info than you or I or most of us on Hotcopper have. And I wholeheartedly agree that having a disciplined trading strategy as you do is one way of protecting yourself. I think in the end really good fundamentals can’t be ignored for ever which is why I am happy to stay with Petsec. But I am still amazed at times at the way the share price moves.

Cheers, Jocam9