Fike, I still read the partner as a condition for us getting into production. That is the want of this MOM. This has always been in the discussions with this Minister of Oil and Minerals. I must admit that I wrote a piece without posting yesterday because the qtrly was saying something behind the gloss. On a night's sleep it is the conditionally of approvals in the qtrly that stirs me into thinking TF has to work harder (and MD Bokhari).
Just to look over your thinking Fike: from PSA, TF says we are quite capable of starting production ourselves. The MOM side says PSA cannot change the Dev Plan (i.e. Approvals which are all about the trucking and infrastructure). Full stop - stalemate.
It follows (in PSA's eyes) there is no point to PSA starting production. Why won't approvals be given, seems to be based on MOM ideas of PSA 'needing' a partner for further development. But this is poor thinking. Everything operational is based upon the Operator (PSA). They drive it (think Hummer's Castex P/L). So how would the big partner achieve anything substantial- only by setting it's own agenda I suggested to TShirt, above, that Yemen is wanting to draw in bigger well resourced oil giants and this might be the plan. Not clear otherwise.
What does everyone think?
PSA Price at posting:
5.0¢ Sentiment: Buy Disclosure: Held
