Petsec Energy September 2018 Quarter Report


  • Net production from USA operations for the September 2018 quarter: 170 MMcfe (154 MMcf of gas and 2,752 barrels of oil/condensate) was lower than the previous quarter due to interruptions caused by drilling of the B-2 well.

  • USA: Main Pass Blocks 270/273/274, Hummer Project: The Main Pass Block 273 B-2 appraisal/development well was spud on the 19 August 2018. On 22 October 2018, the well had reached 8,744 feet measured depth and was in the process of setting casing prior to drilling ahead. The well has planned measured depth (MD) of 18,559 feet with a true vertical depth (TVD) of 16,624 feet and is targeting six oil/gas reservoirs, five of which were penetrated by the B-1 discovery well, 6,000 feet to the West of the B-2 well.

  • YEMEN: Damis (Block S-1): Operations at the An Nagyah Oilfield remain suspended while the Company seeks to secure Yemen Government consent to initiate production through trucking oil to the West Ayad Oilfield facilities located approximately 70 km to the East at the head of the neighbouring Block 4 pipeline operated by YICOM (Yemen Company for Investment in Oil & Minerals, a Yemen Government owned company), and South through that pipeline to the export terminal at Bir Ali on the Arabian Sea Coast.
  • Documentation supporting the Company's technical and financial capabilities to restart production at the An Nagyah Oilfield was supplied to the Minister of Oil and Minerals during the Quarter for his review and approval. The Company continues regular communication with the Ministry of Oil and Minerals (MOM), seeking the required consents to begin a trucking operation.


  • Net oil and gas revenues for the September 2018 quarter: US$622,000.

  • Convertible note facility as at 30 September 2018: US$6 million drawn for the development of the Hummer offshore production platform and the drilling of the B-2 well.

  • Cash balance as at 30 September 2018: US$3.0 million (including US$1.9 million of restricted deposits).

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