PSA these days

Many small oilers like PSA find it hard to gain recognition for their efforts to improve their operating position ...

PSA have :

1)Cash at bank of US$37mil which equals AUD 17 cents per share cash equivalent.
2)No debt
3)An inventory of up and coming prospects including "Hummer" MP273 and MP274 (12.5% stake), "English Bayou"(25% stake) and two (2) other Louisianna prospects (at 12.5% stake) not advertised but part of the recent sale agreement.
4)A further inventory of lease prospects that are still on the table including - "Bonanza Prospect" - Breton Sound Block 39 and 42, "Gazelle Prospect" - MP 132 and the "Ship Shoal Block 74".
5)Not to mention that we also have a stake in operating leases MP18/19 as well as the Adeline Sugar Factory well #4 that recently came on line.
6)We also have a 29.75% stake of a "greenfields site" in Yemen (Block 7).

My guess is that the next announcement is likely to be the half yearly wrap-up followed closely by some progress reports on the prospects mentioned in Item 3 above.

Any forward progress on Item 3 above will hopefully convert to share price improvement.... at AUD 13 cents per share we have a long way to go before our share price matches / exceeds the cash equivalent.

Cheers

PeterRG