Sydney, Australia (ABN Newswire) - Petsec Energy Ltd (ASX:PSA) (OTCMKTS:PSJEY) 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 and on the US OTC Market. It has operations in the shallow waters of the Gulf of Mexico and Louisiana Gulf Coast region of the USA, and in the Republic of Yemen.
Source:
Petsec Energy Ltd
Contact:
Mr. Paul Gahdmar
Company Secretary & Group Financial Controller
Petsec Energy Ltd
T: +61-2-9247-4605
Mr. Manny Anton
Head of Investor Relations
Petsec Energy Ltd
T: +61-2-9247-4605
www.petsec.com.au
Source: ABN/Asia Business Newswire
(October 25, 2016 - 8:52 PM EDT)
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