spudding next week, page-16

re: exciting times coming up for petsec Oh well Jocam, I suppose time will tell on China. I am quite happy to be pleasantly surprised.

One thing I do like is that with PSA's West Cameron in production and Vermillion not far away from becoming cashflow as well, (and on top of the $12M raised recently), PSA does have the miscle to 'go the whole way' at Beibu should it turn into a big development. My overall concern is that because these developments cost a packet and have very long lead times to production (ie prob 2 years away if Beibu is successful), the share price does nto tend to react too much in the short term.

Look how long it has taken Hardman to get its share price back up to $1 again. The difference with PSA is hopefully that is will not need to dilute its capital base further to carry on participating in its current projects.

Roll on Vermillion #2. Roll on Vermillion cashflow. Fundamentals are still very easily supporting the share price at $1.05.