Australian company rides high on further GoM success

PETSEC Energy Ltd – an Australian oil and gas company with key producing operations in US Gulf of Mexico waters – has reported significantly higher production, revenue and profit for the 2004 calendar year.
Australian company rides high on further GoM success Australian company rides high on further GoM success Australian company rides high on further GoM success Australian company rides high on further GoM success Australian company rides high on further GoM success

Fuelled by a much stronger second half, Petsec lifted full year net production from 4.5 billion cubic feet (bcf) of gas to 5.7 bcf. Combined with higher prices, this delivered a 30.1% jump in net revenue to US$32.8 million (A$44.7 million) compared with US$25.2 million (A$38.7 million) in 2003.

Petsec also reported a 30.3% rise from US$19.8 million (A$30.5 million) to US$25.8 million (A$35.1 million) in EBITDAX (earnings before interest, taxes, depreciation, depletion, amortization and exploration expense).

Second half production was boosted by the addition of three producing wells in Petsec’s Vermilion 258 gas field in the Gulf of Mexico.

In the quarter to 31 December 2004, net production was up 26% to 1.97 bcf, net revenue was 58% higher at US$12.8 million (A$16.7 million) and there was a 65% jump in EBITDAX to US$10.6 million (A$13.8 million).

Petsec cautioned that all figures were preliminary and unaudited.

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