PetSec said it had placed 12,846,800 shares with clients of Burdett Buckeridge Young Ltd, Austock Brokers and Shaw Stockbroking Ltd at 95 cents per share.
PetSec is participating in a 2-5 well program to appraise its Beibu Gulf, China, discovery which is scheduled to start in mid-January and is currently drilling Vermilion 258-1 well in offshore Louisiana.