(MENAFN- ProactiveInvestors - Australia) Petsec Energy (ASX: PSA) has increased its daily net production by more than 75% to about 10 million cubic feet of gas and 90 barrels of oil.
This follows the successful workover of the Main Pass 270 A-3 well in the Gulf of Mexico and the expansion of facilities and pipeline capacity for the Marathon field.
Further improvements are likely from the fourth Marathon field well that is currently being drilled.
This is expected to start production in the first quarter of 2013.
The increased production, combined with rising U.S. natural gas, is expected to deliver a marked improvement to the company's revenue and operating cash flows.
The spot NYMEX natural gas price is currently trading at US$3.90 per million British Thermal units (MMBtu) up from the average of US$2.70/MMbtu during the first three quarters of this year.
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