Planet Gas has picked up in price and volume over the last week or so. CBA have been selling there stake down but were in as seed capital at around 8 cents so they are up 100% plus. The directors are credible and the story is excellent although things have taken a little longer than expected to get going with the 12 wells drilled by there partners Kennedy oil still not on line as yet as Kennedy are not ready to bring all of there own wells on. This is a delay to Planet of at least six months so far and is frustrating for long term share holders. I hear a financing deal is in the pipeline with a big bank and I feel will give the price a kick and the project greater credability. I hear there is something big about to happen but cannot get any more info than that. Looking at the price movement and volume over the last few weeks things are definetly looking better. They should have 30 plus wells dewatering by December and in production early to mid 2006. This share should double over the next six months and will be $1 to $2 over the next couple of years, maybe sooner. Do the figures on the gas sales and if US gas prices stay high this will be a cash cow. Buy straw hats in winter as they say but I get the feeling spring is just around the corner!
Metro.
PGS Price at posting:
0.0¢ Sentiment: None Disclosure: Held