Peter, that is a really good summary. Imo we are in the wrong...

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Rob79

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17/08/14

12:21

Post #: 13828886
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Originally posted by PeterRG ↑

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

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Peter, that is a really good summary. Imo we are in the wrong sector at the moment but fundamentally things look good and the cash on hand plus WI positions help manage the risk until things pick up. We probably need a few O&G juniors to kick some goals to get some interest back in the sector so for me continues to be a waiting game.
Cheers

PSA Price at posting: 13.0¢ Sentiment: Hold Disclosure: Held
3 Upvote

0 Great analysis

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