Crappy cash position but at least we have confirmation that Hummer is a significant discovery.
From the quarterly.....
USA
Petsec Energy embarked upon an eight well exploration programme in the USA in 2015, focussing on high impact conventional exploration, in mainly gas/condensate and oil rich areas onshore Gulf Coast (Louisiana and Texas) and shallow Gulf of Mexico, USA. The programme delivered two significant discoveries to the Company – Mystic Bayou and Hummer prospects. With Mystic Bayou already in production and delivering further commercial success, the Company will be focusing on the testing and development of the Hummer prospect in 2016. The initial drilling has indicated that Hummer is likely to develop into a material asset for the Company and should contribute a significant uplift to reserves, production and cash flow. Details on the uplift to reserves will be released to the market in due course, once testing is complete.
Cheers
Dan
PSA Price at posting:
8.0¢ Sentiment: Buy Disclosure: Held
