The Sydney-based company also posted a higher revenue result of $US13.8 million ($A16.7 million) in the three months to June 31, up 2.7% on the previous quarter.

Production started at the Main Pass 18 G-6 well in early April, while the company also acquired a platform at Mobile Area 952 to host production from five of the six wells drilled in the region.

While development work in the last quarter has proved successful, exploration was disappointing. Petsec drilled two exploration wells – one in the Gulf and the other onshore Louisiana – during the quarter, both of which were deemed sub-commercial.

Drilling is also underway at the Acapulco prospect, onshore Louisiana, which is the first of three wells targeting 58 billion cubic feet of gas and 1.75 million barrels of oil.

The well was this morning at a depth of 3550m, where intermediate casing is being set.

The company also said its offshore China joint venture, which is led by Roc Oil, would make a final investment decision on the Wei 6-12 South oil discovery later this year.