Net revenue jumped 45% to a record $A78.3 million in the latest year and earnings before interest, taxation, depreciation, amortisation and exploration expense rose 33% to $59.6 million.
The average gas price received for sales during 2006 climbed 14% to $US7.24 per thousand cubic feet equivalent.
Petsec’s cash on hand at the latest December 31 balance date was $A33.8 million compared with $13.8 million a year earlier.
The record results follow Petsec’s very high rate of exploration success during 2006, including eight successes out of nine wells drilled in the shallow waters of the Gulf of Mexico continental shelf.
Its most recent Gulf of Mexico successes included the 100% discovery rate achieved with four exploration wells drilled on the Petsec’s new Mobile Bay leases. These gas finds are expected to be brought into production in the second and third quarters of this year.
The company has also had a big success outside its southern US heartland, participating in the oil discovery at Wei 6-12 South in the shallow waters of China’s Beibu Gulf last year, in an all-Australian joint venture operated by Roc Oil. A declaration of feasibility on the offshore China oil project is expected by the end of this month.
Petsec says its exploration effort will gain additional momentum this year. It aims to drill 14-20 wells in its US onshore and offshore leases and its offshore Chinese acreage. This compares with a total of 10 wells drilled in 2006 and six wells in 2005.
