Petsec Energy September 2016 Quarter Report
Sydney, Oct 26, 2016 AEST (ABN Newswire) - Petsec Energy Ltd (ASX:PSA) (PSJEY:OTCMKTS) is pleased to release its September 2016 Quarter results.
Key Points
Corporate
- Establishment of US$15 million secured convertible note facility.
- Opened office in Sana'a, Yemen.
Operations
- Net production from USA operations of 111 MMcfe (91 MMcf of gas and 3,124 barrels of oil/condensate) for the September 2016 quarter.
- Main Pass Block 270 #3 BP 1 discovery well (Hummer Project) - platform jacket load out and installation completed. Well to be completed and production tested in late October/early November 2016.
- Preparation for the re-start of production at the An Nagyah Oilfield continued with plans currently underway for engineering crew to inspect the Central Processing Facility (CPF) and evaluate for re-start in the first quarter 2017.
Financials
- Net oil and gas revenues of US$0.4 million.
- Cash balance of US$6.2 million (including US$3.7 million of restricted deposits).
- Amount available under convertible note facility as at 30 September 2016: US$15 million.
To view the results, please visit:
http://abnnewswire.net/lnk/663VW3Z6
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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