Press

Petsec Energy June 2018 Quarter Results


Operations

  • Net production from USA operations June 2018 quarter: 218 MMcfe (195 MMcf of gas and 3,838 barrels of oil/condensate).

    USA: Main Pass Blocks 270/273/274, Hummer Project: Announcement of proposed second well on the Hummer Gas/Oil Field, Main Pass Blocks 270/273/274, Offshore Louisiana Federal Waters, USA. The Main Pass Block 270 B-2 appraisal/development well will be drilled from the Main Pass Block 270 “B” ProductionPlatform, situated in the North West corner of the Hummer Field in Main Pass Block 270, and is scheduled to spud in mid-August 2018, targeting six oil/gas reservoirs.

  • YEMEN: Damis (Block S-1): Operations at the An Nagyah Oilfield remain suspended, awaiting Yemen Government consent to initiate production through trucking oil to the East to the Masila Pipeline or South to export facilities while waiting for the Marib Pipeline to be opened for the export of crude to the Ras Isa Export Terminal on the Red Sea coast.

    Since April, the Ministry of Oil and Minerals (MOM) of the Hadi Yemen Government administration in Aden has been in regular communication with the Company in order to process the requisite approvals required to restart An Nagyah production. Part of this process is a review of the Company's capacity to be an operator in Yemenand capacity to restart production at the An Nagyah Oilfield. Documentation supporting the Company'sapplication was supplied to the Ministry in July.

Financials

  • Net oil and gas revenues for the June 2018 quarter: US$875,000.

  • Convertible Note Facility: Of the US$15 million facility established to develop the Hummer Gas/Oil Field in the USA, and the restart of oil production of the An Nagyah Oilfield in Block S-1, Yemen, US$6 million has been drawn for the development of the Hummer offshore production platform and the drilling of the B-2 well, which is expected to spud in mid-August.

  • Cash balance: US$3.4 million (including US$1.9 million of restricted deposits).

 



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Petsec EnergyResultsUSAUnited StatesProductionHummer ProjectgasOil FieldYemen

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