The Opera is not over, page-5

Motors,

The Yemen aquisition is an interesting purchase ...

PSA are in joint venture in Block 7 with various parties including another Australian oiler - Oil Search who only recently sold some of their other interests (namely 40% stake in Block 3) in Yemen to Total for US$40mil....

For some reason Oil Search has hung onto Block 7 (a much bigger block)... maybe because of Al Meashar  ... eventually we will understand their intentions better ...

There appears to be a lot of untapped resource wealth in Yemen that has been plagued with  repeated attacks on resource, energy and service facilities /infrastructure ... In this environment it is hard to see a positive in the purchase of such an investment ... Quite a few resource companies have invested in Yemen looking forward to the eventual resolution of differences between the various fighting factions whether that means a complete unification of the country's various fighting factions or a tacit agreement between all parties of co-existence for the good of all ....

I don't think that the fighting will stop in Yemen but there may come a time (hopefully soon) when everyone will agree that the prosecution and exploitation of the oil / gas resource is of benefit to all and should be protected / shielded from any disruptions / impediments.

PSA's journey towards becoming a larger market cap company of $300mil+ may not necessarily hinge on the outcomes in Yemen ... Yemen may be regarded as a welcome suppliment.

PSA's change of direction towards the prosecution/exploration of high impact US opportunities look to be the platform for its future status as a market cap company of $300mil+.

The relationships that they are building with high profile operators is also creating a good working platform for the future...

How successful we each end up will depend upon when we enter the game ... I tend to think we are still at the low end entry point ...

It will be interesting to hear what's said at this Thursday's Quarterly June 2014 review .... maybe we'll get some better understanding of timeframes and future intiatives ...  

Cheers

PeterRG