I havent really done anything yet, but I have been thinking abt your questions. I recall several details that may be of interest abt Planet Gas;
1. Macquarie Bank have a taste for coal bed methane plays ... they are a substantial shareholder of CHX here in Australia and provide an $8m debt facility to PGS ... a good sign I would have thought.
2. In one of Planet's American plays, PGS has a 50/50 JV with (nyse) Western Gas ... who are capitalised at abt US$3.75B and reported net earnings of just over US$200M in 2005.
3. From what I recall reading abt Western Gas, they are renowned for excellent well installation and development technologies ... ie they know how to achieve enhanced well flows by specialist drilling techniques and hydraulic fracturing of the coal seam ... remember well flows can take up to 2 yrs to develop peak flows, so it is possible that those in the know are looking ahead.
Will prob have a fresh look at PGS tonight.
Cheers poyndexter
PGS Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
