Petsec Energy June 2016 Quarter Report
Sydney, July 20, 2016 AEST (ABN Newswire) - Petsec Energy Ltd (
ASX:PSA) (PSJEY:OTCMKTS) are pleased to provide the Company's June 2016 Quarter Report.
Key Points
Operations
- Net production from the Company's USA operations for the June 2016 quarter of 40 MMcfe (32 MMcf of gas and 1,453 barrels of oil/condensate).
- Main Pass Block 270 #3 BP 1 discovery well (Hummer Project) - platform jacket construction complete, load out and installation to commence during mid-August 2016. Tie back, completion and testing of the well will follow in Q3-Q4.
- Award of Main Pass Block 274 lease (Hummer Project) at the Central Gulf of Mexico Lease Sale 241.
- Preparation for the re-start of production at the An Nagyah Oilfield has been initiated through the start of field operations beginning with road maintenance within and around the Central Processing Facility (CPF).
Financials
- Net oil and gas revenues from the USA operations of US$0.1 million.
- Cash balance of US$9.2 million (including US$3.7 million of restricted deposits) and no debt.
To view the full quarterly report, please visit:
http://abnnewswire.net/lnk/6YQJM40X
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.
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