Petsec Energy (PSA)

Shares / Stock Code

PSA

Stock Exchange / Sharemarket

ax

Petsec Energy (PSA) is oil and gas explorer, developer and producer with operations within the Gulf of Mexico and Gulf Coast, United States and Beibu Gulf, China. During the year ended December 31, 2007, the Company produced total 7,918 million cubic feet (MMcf) of gas and 24,748 barrels of oil or 8,066 millions of cubic feet equivalent (MMcfe). Petsec Energy listed on the ASX on December 1, 1980. PSA’s is headquartered in Sydney, Australia, with its operations offices located in Lafayette, Louisiana and Houston, Texas, USA. On November 8, 2007, the Company acquired interest in a portfolio of seven offshore and onshore Louisiana producing gas fields. In May 2007, Petsec Energy completed the acquisition of the Mobile Bay 953 lease with two producing wells; the Mobile Bay 955 lease with one producing well and the Mobile Bay 952A platform with total estimated reserves of 1.5 billions of cubic feet equivalent (Bcfe) Gulf of Mexico, USA. PSA is seeking low-risk, high-yield oil and gas opportunities with its core focus on maintaining its exploration programs in the Gulf of Mexico and in the Beibu Gulf. During the last five years to 31 December 2007, the Company has made commercial discoveries in 28 out of 37 wells drilled. PSA aims to create and sustain attractive returns for shareholders by adding further oil and gas reserves to its portfolio through successful oil and gas exploration and acquisitions. Petsec Energy intends to become a significant mid-tier oil and gas exploration and production Company. PSA is renowned for its technical skills, timely and cost effective delivery of projects, and the integrity of its business.

Petsec Energy History

Since its inception, the Company has been principally focused on oil and gas exploration, development and production. The company floated on the Australian Stock Exchange in 1980. PSA disposed of its producing assets in the Gulf of Mexico in 1999/2000. In 2002 it recommenced its activities with no existing oil and gas reserves, having a limited working capital of US$15 million. The Company expanded through successful exploration operations and since 2003 it has produced around 33 Bcfe of gas, generating over US$159 million of net operating cashflow. During the last five years to 31 December 2007, PSA’s exploration success rate has reached to 76%, which includes 25 wells in the Gulf of Mexico and three wells in China. PSA owns a portfolio of 57 offshore leases and two onshore exploration projects in the Gulf of Mexico, USA. It also holds interest in an offshore lease in the Beibu Gulf, China, which contains six oil fields.