Following the recent announcement of a 3000% increase in oil and gas reserves, in both the Gulf of Mexico, and the newly acquired oil fields in Yemen, Petsec Energy (Middle East) CEO Maki Petkovski talks with ABN Newswire about the rapid growth in the Company's oil reserves and the consequent growth in shareholder value.
Petsec Energy has since 1989 been mainly involved in the Gulf Coast of Louisiana and the Gulf of Mexico, USA, but it is the newly acquired Yemen oil fields that will potentially provide a near term substantial increase in Company value and the capacity to provide, in the very short term, production of the order of 10,000 barrels of oil per day.
The Company has acquired a developed/producing field of 23 producing wells in Yemen just South of the border of Saudi Arabia, where the geology is the same as the vast producing wells in Saudi Arabia to the north.
With infrastructure already in place, including pipelines and processing facilities, the expectation is of an imminent and rapid ramp-up to strong oil production and cash flow.
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About Petsec Energy Ltd
Petsec Energy Ltd (ASX:PSA) (OTCMKTS:PSJEY) is an independent oil and gas exploration and production company listed on the Australian Stock Exchange. It has operations in the shallow waters of the Gulf of Mexico and state waters of the Louisiana Gulf Coast region of the USA, and exploration activities in the Gulf Coast onshore and bay areas of Texas and Louisiana, USA and Yemen.
Petsec Energy Ltd