I for one would not like to see PSA buying back its shares at current levels, it's not that long ago it was issuing shares for $0.95.
It's true that with several of the contingent wells in China not being drilled, some of those funds raised have been freed up for other purposes but I would rather see them accelerate their GOM exploration and production programme.
I believe PSA will have a strong chance of being added to the ASX200 index in Dec '04 or March '05 assuming the sp is north of $2 (and then the action will really start IMO) but S&P don't just look at mkt cap, there is a liquidity requirement too which would not be helped by reducing the no. of shares on issue.
Cheers
PSA Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
