Chairman and CEO Terry Fern told US publication, Junior Oilers Weekly, that this year’s gross profits would reach about $45 million and next year’s would jump to between $56 and $60 million.

He said successful exploration was driving the company’s incrasing production.

“Our target is to have 100 Bcf in reserves in two plus years,” Fern said.

“We are looking at production of 10 Bcf in 2006, mainly from Vermilion and Main Pass.”

Fern said an unexpected, yet major discovery of 30 Bcf has been uncovered at Main Pass 19, which will consequently add three extra wells to this year’s agenda.

“We could be looking at further drilling there in 2006 given the potential additional plays identified by this year’s program,” he said.

Other Petsec activity in 2006 revolves around Moonshine, an onshore Louisiana site, which Mr Fern said brings “high hopes” and a program of continuous drilling at five wells, which could last for several years.

Fern attributed Petsec’s continued success and growth to the productive nature of the Gulf’s shallow waters, its highly porous sands, the large amount of drilling information available on the area and well-developed infrastructure.

Petsec has operated from the Gulf of Mexico, which produces 20% of US energy consumption, since the 1990s.