Hi Stock Doctor,I am fully invested in PGS and have been now for...

Hi Stock Doctor,

I am fully invested in PGS and have been now for over a year. I was in on the float and have topped up continuosly for over a year on the dips. Unfortunately have run out of cash to top up on the current dip.
From the information I have heard that things are going far better than expected, but am majorly disappointed in the current share price. I believe a finance deal is in the wind and this may be the turning point which will give the company greater credability. The permitting for up to 50 wells is continuing and drilling will start in the next few months.
I believe the company misled the market with a news release just before XMAS 2004 stating that wells they were in partnership with Kennedy Oil were going into iminent production.....that has still not happened as Kennedy want to bring there own wells on also and it did not suit Kennedy to bring on just Planets wells only, Plus some possible dewatering issues. No further release was made to the market and it was brushed over in the last quarterly report. I wanted to go to the AGM last month and voice my concerns, but due to last minute work commitments I didnt make it.
It was good to see the line of stock move last friday and this see the end of the selling which has happened over the last couple of months.
I still believe this will be a $1 to $2 stock over the next year or so and short term maybe 30 - 60 cents over the next few months.
I have followed other stocks with the same directors such as BSG, so I am aware they are smart operators.
I now Macquarie have been big buyers of the stock and time will tell if they are right.
Funding the drilling programme announcement I think caused a turn up in price for Sydney Gas, so hopefully the same will happen for Planet. I hear it is in the wind.....
The US gas price leaves Australian prices for dead so far more profit and with over 100 plus wells planned this should be a cash cow.

Regards Metro.
I hold PGS Shares.