Press

Petsec Energy September 2018 Quarter Report


Operations

  • 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.

Financials

  • 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).


Visit source site

https://asx.com.au/asxpdf/20181024/pdf/43zk62nj0g4...

Petsec EnergyQuarterly ReportEarningsResultsUnited StatesUSAASXYemen

More items from oilvoice


Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 18 days agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 5 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 5 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 5 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11

Total Announces the Distribution of its Second 2018 Interim Dividend

The Board of Directors met on December 12, 2018 and declared  the distribution of a second interim dividend for the 2018 fiscal year of €0.64 per share, in accordance with the Board's decision of July 25, 2018, an amount equal to the first 2018 interim dividend and an increase of 3.2% compared to t ...

OilVoice Press - OilVoice


Posted 5 months agoPress > TotalDividend
All posts from oilvoice