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PSA 17.0¢

positive waves- for jocam

  1. Brunette-two

    6,951 Posts.
    Hi . Have fundamentalists forgotten the announcement which seems very positive, copied below . A reserve of 15BCft gas Net To PSA , worth say AU$ 100 Million to PSA and that is not even taking the highest Gas price.This seems to me to be a very substantial asset . I see no reason to doubt the announcement and this size of reserve is say 3 times higher than the total Market capitalisation of the company .I should have thought that Terry Fern has done well to position the company in these assets. At last he has done better than all these recent Dusters in OZ which have desimated the share prices of say NWE and Voy etc .
    Negative waves seem not necessary in this company's case. Others would know the fundamentals far better than I .
    Best wishes


    HOMEX - Sydney

    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.

    For Further Information:

    Mr. Terrence N. Fern Mr. Ross A. Keogh
    Petsec Energy Ltd. Petsec Energy Inc.
    Level 13 4023 Ambassador Caffery Parkway
    1 Alfred Street Suite 550
    Sydney NSW 2000 Lafayette, LA 70503
    Tel: 61 (02) 9247 4605 Tel: 1 (337) 989-1942
    Fax: 61 (02) 9251 2410 Fax: 1 (337) 989-7271

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