PSA - Petsec Energy

[oldblue]

Several possible reasons apart from the slide in the PoO, and that of gas which has affected the SP of all O&G companies.

A perception that PSA havn't replaced reserves in recent times as fields deplete.
Uncertainty around Beibu Gulf development.
Effect of recent hurricane in Gulf of Mexico - several facilities shut in as at 18 September.

Biggest reason may be that announcement of 18 Sept said that there would be an update in a week's time. Hasn't happened!

 

[roadtripping]

Agree with Oldblue,
future output uncertain.
In addition to the (temp) closures in Gulf of Mexico, the more recent test drills have had disappionting (non-profitable) output and been capped off.

 

[oldblue]

Announcement just out. Maybe someone reads our posts.

Net gas production increased to 27m cubic feet per day on 11 Oct.
Three fields representing production of 10 cuft pd still shut in. One being repaired, the other 2 expected to resume in December.

As production in November 2007 was about 50m cuft pd, it looks like PSA is now producing at a little over half of expected output.



Next production update in quarterly report due 23 October.

 

[psychic]

Petsec production increases to 27 million cubic feet of gas

Announcement out

check the source:

http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00890200

 

[psychic]

More flow rates confirmed by PSA today

See the announcement

http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00891482

Miles Timber No 1 Well Test 1.7 MMCFD and 170 BOPD per day

 

[oldblue]

More flow rates confirmed by PSA today

See the announcement

http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00891482

Miles Timber No 1 Well Test 1.7 MMCFD and 170 BOPD per day

I guess every little bit helps but it's not going to do much to get production back to 50 mmcfd !

Or for the SP either!

 

[oldblue]

On the other hand, 68% of 170 bopd is not to be sneezed at.
Worth about AUD4m pa to PSA at current prices.

 

[Out Too Soon]

This just came up in a scan. I've never looked at it before & can understand the loss of interest from a year ago but I will be keeping an eye on the chart for the next few days/weeks as a possible short/medium term play. Anyone else interested in it? Is there some fundamental flaw (debts, oil dried up) that I should know about? Or is it just another victim of the now finished & dead Bear Market?

Depending on what it does maybe an entry around .24 or if it holds up maybe the .30 level of today

 

[Trader Paul]

Hi folks,

PSA ... there is still a positive time cycle working in its favour, this week and
when the market has digested all of the news from the past week, we may
see some further long-term positions being taken ...

have a great week ahead

paul



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[Trader Paul]

Hi folks,

PSA ..... still ticking up nicely, ten days on .....

have a great day

paul



=====

 

[Niqo]

26c now from 32c last week? Is this being affected by the Gulf of Mexico Oil Spill - what now for the leases they say they are highest bidders on?

 

[greggles]

Petsec Energy is flying on no news. Volume is up and since 13 June it has been making higher highs and higher lows every day. It is currently at 20c, having risen from 11c on 12 June.

PSA received a speeding ticket from the ASX on 15 June and their response reads as follows (in part):

On 15 June 2018, the Company received a price query from ASX due to the recent increase in the price and volume of trading in the Company's securities, the share price having risen from 11 cents on 12 June 2018 to a high of 15 cents on 15 June 2018. A copy of ASX's letter is attached. In answer to the specific questions asked by ASX, the Company states as follows:

1. The Company is not aware of any information concerning it that has not been announced which, if known by some in the market, could be an explanation for the recent trading in the securities of the Company. The Company released an Investor Presentation to the ASX on 29 May 2018 which provided an update to the market on the Company's assets in the USA and Yemen, and in particular, the imminent proposed development/appraisal/exploration drilling on the Hummer Gas/Oil Field in the Gulf of Mexico, USA , which is expected to commence in July/August 2018. Using the 29 May Presentation, management has recently commenced a marketing campaign, engaging with brokers and analysts, to appraise them of, and discuss, the upcoming development/appraisal/exploration drilling at Hummer and the potential upside to the Company of the six target reservoirs planned to be intersected by the Main Pass 270 B-2 well.

2. N/A

3. Another possible explanation for the increase in the Company's share price is the widespread and substantial international media reports covering the Wednesday the 13th of June launch of military operations by the Saudi-led Gulf Coast Coalition, to liberate the rebel held Red Sea port of Hodeidah in Yemen, and the country's major oil export terminal at Ras Isa. Liberation of the port of Hodeidah and the oil export terminal of Ras Isa would allow oil production in the Shabwah/Marib Basin, which represents the bulk of Yemen’s oil production, to recommence by using the Marib Export Pipeline. Rebel occupation of Hodeidah and Ras Isa has caused the Shabwah/Marib oil production to be shut-in since March 2015. Recommencement of oil exports from Ras Isa would be a very positive development for the Company because it would allow oil production from the Company's An Nagyah Oilfield in Damis (Block S-1) which is connected to the Marib Export Pipeline and the Ras Isa Terminal.

So, no idea what is currently going on with PSA.