US purchases triple Petsec�s output

PETSEC Energy is producing 50 million cubic feet of gas per day – more than triple its production rate just three months ago – thanks to the acquisition of new producing fields in the Gulf of Mexico.
US purchases triple Petsec’s output
US purchases triple Petsec’s output
US purchases triple Petsec’s output
US purchases triple Petsec’s output
US purchases triple Petsec’s output

The Sydney-based mid-cap, which was producing 14.8MMcfd in the 2007 September quarter, attributed the output boost to the recent acquisition of producing fields in the Gulf of Mexico and onshore Louisiana.

The acquisition was completed on November 8, with revenue and production accruing from that date.

Production from the company’s Mobile Bay leases, which began in late October, is maintaining a stabilised rate of 9-10MMcfd..

Petsec’s gas output for the 2007 calendar year is expected to be 8 billion cubic feet, increasing to about 15Bcf in 2008.

At gas prices and operating margins, this would result in net operating cash flow in 2008 of about $US80 million.

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