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[sharechat] [Study Stock] PSA

From: Holden Glova <dsafari@paradise.net.nz>
Date: Sat, 21 Sep 2002 21:49:02 +1200

Hash: SHA1

I'm trying to find out what the a fundamental investor like Rene Rivkin sees 
in a company so I thought I would poke around PSA and see if I would think it 
was a good investment.

Who are they?
Petsec Energy Ltd is an independent oil and gas exploration and production 
company focused on the shallow waters of the Gulf of Mexico, USA and Beibu 
Gulf, China.

What are they up to?
- - 2 wells will be drilled in the September quarter
- - 2 successfull wells where drilled earlier this year with a production 
platform being installed in the second half of this year. Royalty payments 
will be realized as the platforms are brought into production.

- - looks like there is mainly exploration happening here as part of joint 

Some numbers
Hmm...this looks terrible! The half yearly report can be found here 

EPS was negative to $0.027

No Dividends paid.

Net profit was a loss at $2 906 000 AUD.

There are many many losses listed in the financial statements. Far too many 
for me to list. If that guy Rene Rivkin is a fundamentalist I wonder what he 
sees that I am clearly blatantly missing!? Any pointers to help me understand 
further would be useful. I have been examining the PDF above but I think I 
don't understand the entire meaning of those statements. I did do one 
accounting paper in university so some of them make sense to me :) but some 
do not...

Apologies this doesn't really provide any value, just more questions.

- -- 
Holden Glova
Version: GnuPG v1.0.7 (GNU/Linux)


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