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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (271)12/5/2012 11:53:42 PM
From: Goose94Read Replies (1) of 203382
 
Josef Schachter, President, Schachter Asset Management - BNN.ca Top Pick

Petromanas Energy (PMI-V)

PMI is an exploration-focused company looking for oil and natural gas in Europe. Its two operations are in Albania (light oil targeted) and France (conventional natural gas targeted). It is well financed with no debt and $55 million in cash at the end of Q3/12. PMI is currently drilling two wells in Albania – one with partner Shell (who will pay the first $25 million of the $39 million cost of the deep well 6,100 metre

Shirpag -2 well – remainder split between the 50/50 partners – target >200MB recoverable resource) and the second which recently spudded Juban-1 a shallower 2,000 metre test – 100 percent PMI– cost $9 million – target >50MB recoverable.

We expect news on both wells in early 2013 (mid-January or February).

Our risked price target is $0.60.
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