Press

Petsec Energy March 2018 Quarterly Results


Key Points

Corporate

YEMEN: Al Barqa (Block 7) – Completed the transaction with Oil Search Limited to acquire all of the shares of its subsidiary Oil Search (ROY) Limited which holds a 40% working interest (34% participating interest) in the Al Barqa (Block 7) licence and operatorship. Petsec now holds 100% of Block 7 of which 25% requires Yemen Government approval.

Operations

  • Net production from USA operations March 2018 quarter: 234 MMcfe (209 MMcf of gas and 4,151 barrels of oil/condensate).

  • USA: Main Pass 270/273/274, Hummer Project: Production from the Main Pass Block 270 B-1 discovery well commenced on 21 November 2017. The well is currently producing at a gross rate of 18.1 MMcfpd and 370 bopd, delivering 1.76 Bcfe for the March Quarter, (189 MMcfe net to Petsec Energy).

  • YEMEN: Damis (Block S-1): An Nagyah Oilfield restart of production operations remain suspended, awaiting Yemen Government approvals to access Yemen Government owned facilities, in order to truck oil to the East or South export facilities while waiting for the Marib Pipeline to be permitted to operate.

    The Company continued engagement with the Hadi Yemen Government administration to secure the requisite approvals to restart An Nagyah production as soon as possible.

    OMV restarted production from the Habban Oilfield, 70 km NE of An Nagyah, by trucking and using Yemen Government pipeline storage and export shipping facilities at Bir Ali, some 250 km South of An Nagyah, represents the first foreign oil company to restart oil operations since the suspension of Yemen Marib/Shabwah Basin oil production in April 2015. OMV has stated it aims to produce at rates of 10,000 to 12,000 bopd in 2018.

  • Independently assessed net proven and probable (2P) oil and gas reserves of Petsec Energy: 9.4 MMboe at 1 January 2018.

  • Independently assessed net present value (NPV10) of 2P Reserves of Petsec Energy: US$189.8 million (AUD: 77 cents per Petsec Energy share).

Financials

  • Net oil and gas revenues for the March 2018 quarter: US$0.84 million.

  • Cash balance: US$3.9 million (including US$1.9 million of restricted deposits).



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