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PSA, PETSEC ENERGY LIMITED
annaliese
post Posted: Jan 12 2017, 07:40 AM
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In Reply To: SAM172's post @ Jan 12 2017, 07:09 AM

Sam, it does appear things are getting better in Yemen in that the legitimate Govt and its coalition partners are making good head way. It appears the opposing Houthis will either be defeated or forced to the negotiating table as defeat looms.

What timeframe this will take is anyones guess. Hopefully soon for the sake of the Yemen population.

 
SAM172
post Posted: Jan 12 2017, 07:09 AM
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Good news ??

"Beyond the protracted conflict in Yemen's central mountains and on its western coast, signs of stability are beginning to emerge in other parts of the country. Just last week, Glencore — a large international crude oil trader — arranged for an oil tanker to transport a shipment from an unknown Yemeni terminal as early as Jan. 15. (The terminal is most likely located in Ash Shihr, where the Yemeni government sold 3 million barrels of crude to Glencore last summer.) These continuing oil exports, though few and far between, indicate some level of confidence in the stability of Yemen's Hadramawt region, including the cities of Mukalla and Ash Shihr. Oil shipments ground to a halt in early 2015 when the Saudi-led coalition intervened in Yemen. But now that Yemeni troops and their allies have regained control over Mukalla and its surrounding region from al Qaeda in the Arabian Peninsula, and a second crude sale has been made, it appears that the Yemeni oil sector is beginning to come back online."



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Uncle Sam
 
annaliese
post Posted: May 20 2016, 10:00 AM
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In Reply To: annaliese's post @ Apr 19 2016, 03:32 PM

PSA put out a presentation yesterday which seems to have created some interest. Its a rather good read but with the caveat of stability returning to Yemen.

 
annaliese
post Posted: Apr 19 2016, 03:32 PM
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This is a very unloved stock but those with a taste for risk might like to look this one over.

PSA has a history of high and low prices having once been $7 many many years ago. Right now it can be had for around 12cps.

Why might it be able to fly again? Having been reduced to virtually no oil/gas reserves, activity in the USA and Yemen have secured 2P reserves of 9.3MBOE. This equates to a little over $1 per share. Of note are the Yemen assets which include a producing fieldof 5000bopd (closed in) and a number of discoveries yet to be developed.

The risk......civil war in Yemen.(which is why PSA got the assets cheap). Not a great scenario but value could/would be unlocked if the peace talks delayed but scheduled for this week are successful.

One to watch in my opinion. High risk but may have an appropriate reward.


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starplus
post Posted: Jun 3 2011, 07:51 AM
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In Reply To: davo22's post @ Jun 3 2011, 07:04 AM

Davo - it was a cosy deal done between two mates (probably over a long lunch or two) - it was Brent who got Terry into BG. I agree that this deal is the quickest and easiest but is it in the best interest of shareholders ? Was it offered to ROC (who are spending funds on a share buy-back) and how much more would shareholders have achieved if say it was 'auctioned' on the open market ?
As the senior JV partner, does ROC have pre-emption rights ?

Not enough transparency for me in this arrangement.


Bottom line is that Terry has already spent the proceeeds so shareholders only achieve a 'firesale price.

Not happy. Jan !


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davo22
post Posted: Jun 3 2011, 07:04 AM
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To long term holders the value received for Beibu was disappointing to say the least, I was expecting at least $60mil considering the FAR deal in the middle of the global financial crises with oil at half the price valued this asset at $40mil......

As a new holder (originally bought at 80c sold $1.80) who bought at 16.5-17c the last few days there appears good upside in the short term...With cash backing of 20cps revenue around $4mil per quarter and a return to high impact drilling 25-30c seems a likely scenario....Last time it rose from the ashes to $3.40...I expect they were well advanced on the shale project and that contributed to the rush for funds....By selling to a JV partner there was no delay with a buyer needing to do due diligence and considering the directors own 1/6 of shares outstanding I refuse to beleive the transaction was one of laziness as might have been the case of directors with no skin in the game..
cheers

 


starplus
post Posted: May 31 2011, 11:21 AM
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In Reply To: octane44's post @ May 31 2011, 11:00 AM

Octane,
Personally, I agree on all points .............

Terry, though, has other plans for the company and our money which he re-iterated (somewhat convincingly) at the recent AGM.
He has no interest whatsoever in Beibu Gulf - I would have thought this the ''jewel in the crown" but the only passing mention that it got was that it was to be sold.

We can only hope that Terry and the US management team are well enough connected to be able to pull off some of the 'deals' that he alluded to - land for shale oil and deeper, sub-salt GoM plays.

P.S. I'm pretty familiar with the history since mid 2006 and I agree it is abysmal - let's hope that they have learned some lessons.

 
octane44
post Posted: May 31 2011, 11:00 AM
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In Reply To: starplus's post @ May 11 2011, 11:01 AM

starplus

Firesale the GOM and hang on for the China production.

Shut down the Louisiana and Houston offices and come home to Oz. I suggest you consider doing your home work. It's not their 1991 to now (2011) track record that is important. In my opinion you would wish to consider their mid-2006 to now track record. Takes a little digging but you could, perhaps, find a truely abysmal lack of success, but then again perhaps not.

O

 
annaliese
post Posted: May 19 2011, 07:15 AM
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Petsec has a habit of restablishing itself periodically. In the past it has been very worthwhile getting in at its bottoms and following a trend up. 20c-$1+ and more have been the kind of rewards on offer. Maybe we are back within one of these windows again. One to watch in my opinion.

 
starplus
post Posted: May 18 2011, 05:11 PM
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In Reply To: raauul's post @ May 18 2011, 04:49 PM

Hi Raauul,
Attended the AGM today - bottom line is that Terry is totally disinterested in BG and will sell it for best offer.
I got the impression that this will happen over the next 4 months for close to $50 million although he wouldn't be drawn on a bottom line figure.
He is totally focussed on US sub-salt and shale oil plays and I get the distinct impression that he has just about spent the proceeds already.
So we roll the dice again ........ though somewhat surprisingly the market seemed to like it.


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