PETSEC ENERGY’S 2005 FIRST HALF RESULT ALREADY EXCEEDS PREVIOUS FULL YEAR
Petsec Energy Ltd (ASX, PSA; ADR’s, PSJEY.PK): Continuing high gas prices in the
USA and an increase in Gulf of Mexico production have propelled Australian oil and gas company, Petsec Energy Ltd, to significantly higher revenues and cashflow in the opening six months of 2005.
Petsec’s June Quarterly Report released today reported earnings before interest, taxes, depreciation, depletion, amortization and exploration expense (EBITDAX) of US$27.6 million (A$ 35.7m) for the six months to 30 June 2005.
This represents a 215% increase in EBITDAX from the US$8.8 million (A$12.0m) reported in the first half of 2004 and has already exceeded the US$25.8 million achieved by Petsec in the previous full year to 31 December 2004.
Net oil and gas revenue in the June 2005 half year was US$31.6 million compared to US$11.9 million in the corresponding period in 2004, an increase of 167%.
Petsec’s Gulf of Mexico production of 4,637 MMcfe (million cubic feet of gas equivalent) for the six months to June 2005 was a significant increase of 115% over production in the same period of 2004.
Petsec’s Executive Chairman, Mr Terry Fern, said the half year result benefited from continuing strong production and high gas prices in the USA.
“Gas prices remained firm in the second quarter – rising 4% to US$6.95 per Mcfe - and NYMEX gas futures are currently in excess of US$7.00 per Mcf for the remainder of 2005,” Mr Fern said.
PSA Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
