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Petsec Ann

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    Second Quarter Activities Report

    PETSEC ENERGY LIMITED 2002-07-31 ASX-SIGNAL-G

    HOMEX - Sydney

    +++++++++++++++++++++++++
    OPERATIONS

    USA
    Ship Shoal 184 and 191, offshore Louisiana
    Petsec: 7% Overriding Royalty Interest (ORRI)

    The Ship Shoal 191 #1 well intersected three gas bearing sands in
    January 2002 and was suspended for future completion and production.
    This was followed by the Ship Shoal 194 #1 well on the adjoining
    lease, which intersected two gas bearing sands and was suspended for
    future production. The operator expects to drill additional wells
    after the production facilities are installed.

    A production platform is currently being constructed and will be
    installed at Ship Shoal 191 to process production from both wells
    drilled to date. Production is expected to commence in the September
    quarter of this year.

    West Cameron 343, offshore Louisiana Petsec: 75% working interest
    (61.75% net revenue interest)

    Operator: Petsec Petsec was awarded the West Cameron 343 block
    following the March 2002 MMS lease sale. The price was US$128,875.00.

    West Cameron 343 is approximately 100 kilometres offshore Louisiana
    in approximately 20 metres of water, north of and adjoining the West
    Cameron 352 lease.

    Petsec expects to drill a well in the September quarter from the West
    Cameron 352A platform, to test this lease.

    West Cameron 352, offshore Louisiana
    Petsec: Earning 75% working interest (57.375% net revenue interest)
    Operator: Petsec

    Petsec has the right to earn a 75% working interest in the
    exploration rights on West Cameron 352 by meeting the first US$1.25m
    of the costs to drill a well on the lease. The lease owner retains a
    5.83% overriding royalty interest (ORRI) with the option to convert
    the ORRI to a 25% working interest on payout. The lease is currently
    held by production from one well.

    The joint venture has identified six prospects using 3D seismic, all
    of which can be tested and, if successful, produced from the existing
    platform and pipeline facilities.

    Petsec proposes to drill two wells in August/September from the
    existing platform. Petsec will be the operator.

    The first well, the A-13, is expected to spud in late August to test
    a prospect in West Cameron 352 and if successful, will be followed by
    the A-17 well, which is designed to test a prospect in Petsecs
    adjoining West Cameron 343 lease.

    Vermilion 258, West Cameron 145, Ship Shoal 180, offshore Louisiana
    High Island 33, offshore Texas
    Petsec: 100% Working Interest

    New data is being incorporated into the prospect analysis prior to
    seeking joint venture partners in the second half of 2002.

    Main Pass 89, offshore Louisiana
    Petsec: 4% ORRI, 30% Working Interest

    Joint venture partners are being sought to drill a well on the lease.

    West Cameron 462, 480, offshore Louisiana
    Petsec: 4% ORRI

    No operations are expected during 2002.

    CHINA

    Block 22/12, Beibu Gulf
    Petsec: 25% Working Interest
    Operator: Roc Oil Limited

    Petsec agreed, in February 2002, to earn a 25% working interest in
    Block 22/12 in the Beibu Gulf, offshore China, by participating in
    the drilling of the Wei 6-12-1 prospect. The block is located
    approximately 60 kilometres off the southern coast of China,
    northwest of Hainan Island in shallow water, 25 to 40 metres deep.
    Four undeveloped oil discoveries exist on the lease. A pipeline to
    the Weizhou Island oil terminal, 10 kilometres to the north, passes
    within five kilometres of the Wei 6-12-1 prospect.

    The earn-in well was drilled in March 2002 and encountered nine
    metres of net oil pay in the interval 1,559 metres to 1,572.5 metres
    with 28% porosity approximately 80 metres down dip from the high
    point of the structure. The well was plugged and abandoned. Only part
    of the block is covered by 3D seismic which was shot in 1995 and
    again in 1996. To better define the existing five oil discoveries as
    well as the remaining exploration potential, the Joint Venture is
    conducting a 3D seismic survey over the entire block. The survey is
    expected to be completed by the end of August.

    FINANCE

    Cash and liquid assets on hand at 30 June 2002 were the equivalent of
    $17.2 million, of which US$9.2 million were US dollar denominated.

    Exploration expenditure for the quarter was $769,364.

    For further information, please contact:
    Geoffrey H Fulcher
    COMPANY SECRETARY
    Petsec Energy Ltd
    Level 13, 1 Alfred Street, Sydney NSW 2000
    Telephone: (61 2) 9247 4605
    Facsimile: (61 2) 9251 2410



 
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