PSA 0.00% 2.1¢ petsec energy limited

Ann: Half Yearly Report and Accounts, page-24

ANNOUNCEMENT SPONSORED BY PLUS500
ANNOUNCEMENT SPONSORED BY PLUS500
CFD TRADING PLATFORM
CFD Service. Your Capital is at risk
CFD TRADING PLATFORM CFD Service. Your Capital is at risk
ANNOUNCEMENT SPONSORED BY PLUS500
CFD TRADING PLATFORM CFD Service. Your Capital is at risk
  1. 307 Posts.
    lightbulb Created with Sketch. 8
    Sorry, not intentional, but what you said was worthwhile.

    Whilst we are on the cusp of glory or oblivion, it seems to me that sh are wise to give parties the benefit of the doubt.

    On a timeline, the current Minister of Oil has taken office on/about Xmas day last year (an auspicious date for Christians and perhaps PSA). But President Hadi is reported to have introduced his Three Economic Plans a month earlier which included Oil.

    Sky Cuddles posted around this time:
    “Minister of oil, al-Oud is an engineer who back last Nov was incl as undersecretary for minister of oil in Hadi's Coordination committee to implement Three Economic Plans. This committee reported directly to Hadi and now al-Oud has been promoted to the role of minister. Hooray.”

    What I find interesting here is the way Hadi had 3 undersecretaries report directly to him. And then promoted them soon after to be Ministers (as in Oud’s case) in a technocratic sense. That is speak for focus on getting the job done rather than the politics. Well, talking about wanting Hadi to bring action with a broom!

    Then I learnt that the Minister of Oil’s thinking was to initially leave PSA aside and try to enable one of the big two in which case OMV obliged in April (as referred to by Rubs). Next he opens a channel to us regarding our exec team's operator-ship in April. IMO this slotted into the timeline as expected. In July, PSA returned responses to the questionnaire that was sent by the Minister in April. And we wait. I would not begin to understand why Yemen knows so little of Terry's or Maki's experience and expertise, re operator-ship. Do I have to spell out the Terry Fern’s 40 year decision-making manual for Petroleum Engineers? Was not Maki heavily involved in Oil Search’s accumulation of a portfolio of Yemen blocks?

    Do I need to link more…
    IMHO this situation confuses the bureaucratic with a corrupt war torn country. Partly corruption, or maybe political, the STC in Jan 2018 tried to rid Yemen of this “corruption” by placing the Prime Minister under house arrest (and other Ministers) in Aden. The Minister of Oil was included in these claims. This was resolved and did quietened the STC (Southern Transitional Council) for 6 months or so. Recently they have found voice again – demanding an involvement in the UN peace talks with threats to take Hudayduh themselves. One must wonder with the STC; whether it is a lack of positive rebuild after the war left the south so long ago, or their political ambitions. It does cast doubt on the Minister of oil's claimed corruption credentials.

    So I conclude: given the year’s success by this technocratic Minister of Oil, shouldn't I give him the benefit of the doubt.
 
watchlist Created with Sketch. Add PSA (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.