Delivers 3,000% Increase in 2P Reserves
Sydney, April 5, 2016 AEST (ABN Newswire) - Petsec Energy (
ASX:PSA) (PSJEY:OTCMKTS) is pleased to release an updated Investor Presentation covering:
- The 3,000% uplift to the Company's net oil and gas proved and probable (2P) reserve base from 0.3 million barrels of oil equivalent ("MMboe") to 9.3 MMboe following the completion of Independent Reserve Assessments across its USA and MENA Portfolios.
- The assessed net present value (NPV10) to the Company of the net 2P reserves of 9.3 MMboe of US$188.1 million.
- The recently acquired Damis (Block S-1) Yemen assets and delivery of the Company's stated MENA strategy of acquiring attractively priced developed and undeveloped oil and gas reserves in the Middle East Region.
- The addition of net 2P oil reserves of 5.6 MMbbl for the An Nagyah Oilfield.
- The size and scope of the developed An Nagyah Oilfield from which the company expects to restart production in 2016.
- The material upside that exists in the undeveloped oil and gas discoveries in Yemen Block S-1 and Block 7.
- The significant discoveries made in the USA on the Mystic Bayou and Hummer prospects.
- The addition of net 2P oil and gas reserves in the USA of 3.6 MMboe.
To view the complete presentation, please visit:
http://abnnewswire.net/lnk/4X679RJZ
About Petsec Energy Ltd
Petsec Energy Ltd (ASX:PSA) (OTCMKTS:PSJEY) is an independent oil and gas exploration and production company listed on the Australian Stock Exchange. It has operations in the shallow waters of the Gulf of Mexico and state waters of the Louisiana Gulf Coast region of the USA, and exploration activities in the Gulf Coast onshore and bay areas of Texas and Louisiana, USA and Yemen.
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