Forum Archive Index - January 2003

["Harold Skinner" <petzl@spamcop.net>]

Update on PSA  from last post

http://www.sharechat.co.nz/archives/current/msg00116.shtml

 

"production to the Company has stabilized at approximately 18 million cubic feet of gas per day. The Company is currently selling gas at prices in excess of US$5 per thousand cubic feet of gas.

which is US$90,000 a day or for 30 days US$2.7 million

Or over US$32 million a year

 

 

 

From ASX

Commences Production from 3 Discovery Wells

http://www.asx.com.au/asx/statistics/AnnDetail.jsp?id=542055&&issuerid=1047

 

 

Petsec Energy has commenced production from its recent three
discovery wells on the West Cameron 343/352 leases, offshore
Louisiana, in the Gulf of Mexico, USA. Net production to the Company
has stabilized at approximately 18 million cubic feet of gas per day.
The Company is currently selling gas at prices in excess of US$5 per
thousand cubic feet of gas.

In October, 2002, Petsec commenced drilling the West Cameron 352
#A-13, West Cameron 343 #A-17 and West Cameron 343 #A-18 wells from
the 'A' Platform located on West Cameron 352. The three wells
encountered a total of nine hydrocarbon bearing sands with a total of
82 metres (268 feet) of net gas pay in three separate prospects.

Independent reserve estimates are being prepared. Well log results
were consistent with the total pre-drill estimates for the three
wells of 25 billion cubic feet of gas equivalent (bcfe) gross and 15
bcfe, net to the Company.

Petsec's Chairman and CEO, Mr. Terry Fern said, "The successful
drilling and completion of the West Cameron wells establishes a cash
flow and production base from which Petsec can significantly expand
its operations. This level of production will greatly benefit from
the current high gas and oil prices."

Petsec Energy is an independent oil and gas exploration and
production company with interests in the Gulf of Mexico, USA and the
Beibu Gulf, offshore China.