The seven wells were part of a campaign that has yielded around 16 billion cubic feet of gas equivalent in the US and 1.25 million barrels of oil in China, with expenditure costs of just over $18 million.

The company's major success for the year was in the US, on the West Cameron 352 and 343 leases in the Gulf of Mexico. Drilling began in October 2002 and within four months three wells were drilled and completed for production, the existing facilities were upgraded to meet higher production levels and the wells brought into production.

Petsec also negotiated a 75% working interest, by drilling one well, in the exploration potential of the West Cameron 352 producing gas lease and access to the existing infrastructure. The field had produced 130 bcf of gas since its discovery in the 1970's but no wells had been drilled based on 3D seismic.

The company also altered its geographical focus by attaining a 25% interest in the 22/12 lease in the offshore Beibu Gulf. The lease contains four discoveries with an estimated recoverable 50 million barrels of oil.

The company has a one to three well exploration program planned for the 12-8 field in the region, which Petsec estimates could contain 15 to 25 million barrels of recoverable oil.

In light of the successes the company has budgeted $18 million for its 2003 exploration program as it has estimated to have unrisked mapped potential of 28 bcf in the US and four to six million barrels of oil in China.