(MENAFN- ABN Newswire) Sydney April 18 2016 AEST (ABN Newswire) - Petsec Energy Ltd (ASX:PSA) (OTCMKTS:PSJEY) is pleased to release the 2015 Annual Report.
The Company met its stated goals for the year through exploration success in the USA and acquisition of developed/producing oil reserves in Yemen. Net proved and probable reserves increased by 9.3 million barrels of oil equivalent ("MMboe") which held a Net Present Value (NPV10) for the Company as of the 1st January 2016 of US$188 million or $1.06 per Petsec Energy share.
The Company's key achievements in the 2015 year were:
- A 3000% uplift to the Company's net oil and gas proved and probable (2P) reserves to 9.3 MMboe at the 1st January 2016 determined by independent oil and gas reserve auditors Cawley Gillespie & Associates and DeGolyer & McNaughton Canada Limited.
- A net present value (NPV10) of US$188.1 million which is the equivalent of $1.06 per Petsec Energy share for the Company's 9.3 MMboe of 2P reserves at the forward oil and gas prices at the 1st January 2016.
- Significant exploration discoveries made in the USA on the Mystic Bayou and Hummer prospects which added to date 3.6 MMBoe with a NPV10 of US$32.7 million.
- Acquisition of the Damis (Block S-1) Production Licence in Yemen which contains the developed/producing An Nagyah Oilfield and four undeveloped oil and gas fields. Petsec Energy owns a net 5.6 MMbbl of 2P oil reserves in the An Nagyah Oilfield which had a NPV10 value at the 1st January 2016 of US$155 million. The four undeveloped oil and gas fields hold resources of 34 MMbbl and 550 Bcf.
- Increasing our working interest to 75% (63.75% participating interest) in Block 7 Exploration Licence which holds the undeveloped Al Meashar Oilfield which holds a target resource of 11 MMbbl plus 8 prospects and leads with mapped potential up to 900 MMbbl.
The discovery and acquisition of oil reserves in 2015 are expected to be brought into production in 2016. The restart of production from the An Nagyah Oilfield in Yemen will deliver substantial cash flow to the Company which in turn will be applied to the development of the five undeveloped oil and gas fields in Yemen and to the Hummer discovery in the USA.
To view the full Annual Report please visit:
http://abnnewswire.net/lnk/5797X60C
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 and on the US OTC Market. It has operations in the shallow waters of the Gulf of Mexico and Louisiana Gulf Coast region of the USA and in the Republic of Yemen.
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