Worst surprise was the serious decline in WC production "currently 7 mmscfd net to Petsec" pointing to something less than 0.6bcf production for Q3, together with the accelerated DD&A which can only mean they've revised the WC reserves down significantly.
First Vermilion well coming in at only 8mmscfd will make it hard for there to be any upside surprise (ie > 20mmscfd total) when the second well is on production.
Not good at all ....
PSA Price at posting:
0.0¢ Sentiment: Sell Disclosure: Held