The ASX-listed, US-operating petroleum explorer and producer, reported its gas production reached 2,348 million cubic feet, up 19% compared to the December quarter, while gas price received was up 3% to US$6.69 per thousand cubic feet.
These increases combined to push Petsec’s net oil and gas revenues up to US$15.7m, an increase of 22% on the prev ious quarter.
EBITDAX also rose strongly by 29% to reach US$13.6m and cash reserves were up slightly to US$10m.
Petsec said it expects its reserves to continue growing as its exploration efforts continued.
“The Main Pass 19 program of two to three wells to test 12-15 Bcf net to Petsec, commenced on 23 April [with] platform and jacket acquired in preparation for rapid development on successful drilling,” the company said.
In addition Petsec has won the Main Pass 18 and 103 leases adjacent to Petsec Energy’s Main Pass 19 lease.
In onshore Louisiana the company has had less luck.
Two wells were drilled on the Price Lake leases and have been completed or are being completed for gas production. But smaller reserves and higher drilling and completion costs have lead to a provision of U$7.6 million being made against all capitalised Price Lake costs at the end of March subject to a final review for the June half year accounts.
Petsec is hoping for better results from its onshore Louisiana Moonshine 3D seismic program which began in February. Processed data is expected in the third quarter.
