Peter / Rob,
agree. Solid little company but it has some issues that are not dealt with in your wrap.
1) illiquid stock. There is no volume in the stock. Chair/CEO owns 25% ish ( I think ) .
2) you can forget Yemen. I doubt PSA will actually ever consummate the two deals it has in place with AWE and Mitsui. While B7 Yemen is an amazing block and has huge upside from what I can see is out there in the published world the country is once again in pure mayhem. Read here
YEMEN
3) PSA need a fresh young face at the helm to promote and get the market interested again. terry fern is a consummate professional and well liked and respected but the company needs a new face at the helm as MD and CEO.
In my mind its too small for insto investors and misses the radar of the more trader minded community even when its drilling a well. If it decided to return some capital to shareholders it may be a different story. Who knows. Perhaps its slow and steady wins the race.....as yet Im undecided on this company.
