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PETSEC ENERGY LIMITED - ASX: PSA
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Description
Petsec Energy Ltd is an oil and gas exploration and production company with projects in the Gulf of Mexico, onshore Louisiana in the US and in the Beibu Gulf off the south coast of China.
Petsec Energy recommenced operations in 2002 with no oil and gas reserves and limited working capital of US$15 million following the disposal of its producing properties in the Gulf of Mexico in 1999/2000. The Company has grown through exploration success and its 2007 acquisition, to have producing interests in twelve offshore and four onshore gas fields in the Gulf of Mexico, USA, forecast to produce 15 Bcfe in 2008 and net operating cashflow of US$85 million plus.
Since recommencing production in 2003, Petsec Energy has achieved a solid compound annual growth rate in reserves of 31%, revenue 26%, EBITDAX 23% and production 16%. The Company has produced approximately 33 Bcfe of gas since starting production in 2003 and generated more than US$159 million of net operating cashflow. The Company has achieved an exploration success rate of 76% over the five years to 31 December 2007, with commercial discoveries in 28 out of 37 wells drilled. This includes 25 successful wells in the Gulf of Mexico and three wells in China. Petsec Energy owns interests in 57 offshore leases and two onshore exploration projects in the Gulf of Mexico, USA, with risked exploration potential of over 310 Bcfe.
In the Beibu Gulf, China, the Company has interests in an offshore lease which holds six oil fields with oil resources net to the Company of 5-8 million barrels of oil and additional exploration potential. Feasibility studies have been completed on three of the oil fields which, it is hoped, will be brought into production in late 2009. Year end 2007 proved and probable oil and gas reserves stood at 48.1 Bcfe of gas in the USA and 3.6 million barrels of oil in China.
Mine For
oil, gas
Location of operation(s)
China, USA, Mexico
Address
Level 13 , Goldfields House , 1 Alfred Street
SYDNEY, NSW, AUSTRALIA
Phone
(02) 9247 4605
Website
Last Updated
30/10/2008
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.