EGM Presentation
Sydney, Dec 1, 2016 AEST (ABN Newswire) - Petsec Energy Ltd (
ASX:PSA) (PSJEY:OTCMKTS) is pleased to provide the company's latest EGM Presentation.
Contents
- Petsec Energy: Corporate Profile
-- Corporate Objective and Strategy
-- Board & Management
-- Assets
-- Value
-- 2017 Development & Production
-- Available Funding - Convertible Note Facility US$15m. Rights Issue US$8.25m.
-- Capital Structure / Valuation - Pre & Post Rights Issue
- Petsec Energy: Oil & Gas Assets
-- USA Production / Development - Onshore Louisiana & shallow waters of the Gulf of Mexico
-- MENA / Yemen - Damis (Block S-1) Production, Block 7 (AlBarqa) Exploration
Petsec Energy Corporate Profile:
Corporate Objective
To increase shareholder value through successful oil and gas exploration, development and production, and by oil and gas reserve acquisitions, thereby building Petsec Energy into a significant mid-tier oil and gas exploration and production company.
Corporate Strategy
To drill high impact exploration prospects, predominately for oil and develop those discoveries, and to acquire oil and gas reserves, developed/producing or undeveloped, in onshore leases which hold significant development, low risk exploitation and high exploration potential, that make a major positive impact on the value of Petsec Energy.
The geographical focus is onshore and offshore Louisiana and Texas, USA , the Republic of Yemen, and the MENA region generally.
Reserves/ Value
- Reserves: 9.3MMboe
- NPV10 US$188.1MM
- Petsecenergy Value per share: A$1.06
USA
- Net 2p reserves 1 Jan 2016: 3.7MMboe/ NPV10 US$32.7MM
- Mystic Bayou gas/ oil field
Yemen
- Net 2P reserves 1 Jan 2016: 5.6MMbbl/ NPV10 US$155.4MM
- An Nagyah Oilfield
Assets: USA
Net 2P reserves 1 January 2016 : 3.7 MMboe / NPV10 US$32.7MM
- 2015 discoveries: Mystic Bayou & Hummer (Main Pass 270/273/274).
- Mystic net 2P reserves 1.1.2016: 14.1 Bcf + 877.1Mbbl (equiv. 3.2MMboe), NPV10 US$31 million.
- Hummer: Potential reserves in the target reservoir ("D") appears to exceed pre-drill mapped upper target of 183 Bcf & 3.7MMbbl. Net to Petsec 19 Bcf & 385 Mbbl.
- Hummer 2016 Development: Installation of jacket, tie-back/completion of well, & well testing completed mid-Nov 2016. Results of 48 hour production test on 16/64" choke: > 20 MMcfpd + 400 bcpd, high pressure maintenance, no apparent boundaries -exceeds expectations.
- 2017 Hummer Development: Design, fabrication & installation of topsides, laying of oil and a gas pipelines, production (net capex ~ US$1.5MM). Drilling of an appraisal/ development well.
Assets: Yemen
Net 2P Reserves 1 January 2016 1 : An Nagyah Oilfield 5.6 MMbbl net, NPV10 US$155.4 MM.
- Damis(BlockS-1) Production Licence(100% W.I.) acquired February 2016:
-- Holds five oil & gas discoveries -An Nagyah(developed/productive) / Osaylan, Harmel, An Naeem& WadiBayhan(undeveloped).
-- An Nagyah Oilfield reserves at 1 January 2016: 12MMbbl oil gross / 5.6MMbbl net (NPV10 US$155.4MM).
-- The four undeveloped oil & gas fields hold resource potential 2 : > 34MMbbl oil & 550Bcf gas gross.
- Block 7 (Al Barqa) 100% W.I. acquired 2014/2015/2016:
-- Al Meashar undeveloped oil discovery -2 wells / target 11MMbbl oil gross (9.3MMbbl net) / > 50MMbbl potential
-- Eight prospects / leads: target sizes 2 to 900MMbbl oil gross.
2017 Development & Production
Hummer Project
Development
- Final design, fabrication & installation of deck & facilities, oil and gas pipelines, for Main Pass 270 # 3 platform
- Production commences -Main Pass 270 # 3 well in Q2 2017, > 20 MMcfpd & 400 bopd
- Drill one to two new development / appraisal wells in Q3 2017
An Nagyah Oilfield Restart.
Production Restart
- Testing of Central Processing Facility, maintenance and repairs
- Trucking contract, Shipping contract
- Design, construct, transport and install 2-truck loading bay and ancillary structures
To view the presentation, please visit:
http://abnnewswire.net/lnk/GO344X49
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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