help, page-7

Quarterly Report for the period ended 30 September 2003.

(click for "PDF" from petsec)

Production for the September quarter was down on previous quarters, largely due to disruptions during drilling of the West Cameron 343 #A-14, #A-14ST and West Cameron 352 #A-19 wells and work over operations. It was announced on 22 October that all of the five
West Cameron wells were in production at a rate of approximately 28 mmcfd (15.8 mmcfd net to the company).

Net production to Petsec of 3.22 bcf gas equivalent in the nine months to 30 September 2003, generated revenues of $30.3 million after payment of royalties.

Lease operating expenses for the nine months amounted to $1.82 million.

Cash and liquid assets on hand at 30 September 2003 were the equivalent of $11.5 million.

Exploration expenditure incurred for the quarter was $0.56 million.

Development expenditure incurred for the quarter was $7.7 million.

QUARTERLY REPORT FOR THE PERIOD ENDED 30 JUNE 2003 29 July 2003(click for "PDF" from petsec)

Net production to Petsec of 2.44 bcf gas equivalent in the half year to 30 June 2003,

generated revenues of $24.55 million after payment of royalties.

Lease operating expenses for the half-year amounted to $1.34 million.

Cash and liquid assets on hand at 30 June 2003 were the equivalent of $13.6 million. This amount does not include June production revenues of US$2.3 million.

Exploration expenditure incurred for the quarter was $0.06 million.

Development expenditure incurred for the quarter was $1.8 million.