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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE MONTH OF FEBRUARY, 2000
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PETSEC ENERGY LTD
Level 13, 1 Alfred Street
Sydney, NSW 2000
Australia
(Address of principal executive offices)
[Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F]
Form 20-F X Form 40-F
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[Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.]
Yes No X
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PETSEC ENERGY LTD
(A.C.N. 000 602 700)
8 February 2000
The Manager, Companies
Australian Stock Exchange Limited
Level 10
20 Bridge Street
SYDNEY NSW 2000
Dear Sir
RE: AMERICAN DEPOSITARY RECEIPTS
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Petsec Energy Ltd (ASX:PSA; NYSE:PSJ) has American Depositary Receipts
("ADR's") listed on the New York Stock Exchange ("NYSE"). In 1999, the NYSE
introduced new criteria for continued listing on that exchange, including
provisions relating to minimum stock price, amount of shareholder equity (under
US accounting principles) and global market capitalisation.
On 9 November 1999 the Company announced that it did not meet the NYSE
requirement that both market capitalisation and total stockholder's equity be
greater than US$50 million and in compliance with the NYSE rules Petsec Energy
Ltd had submitted for NYSE approval, a plan to enable the Company to comply
with the NYSE requirements by February 2001. The NYSE advised today that it has
not accepted the plan.
In addition, the 30 trading-day average global market capitalisation of Petsec
Energy Ltd has fallen below US$15 million and the 30 trading-day average price
of its ADR's on the NYSE has fallen below US$1.00, both NYSE listing criteria.
As a result, the NYSE today advised that the ADR's of Petsec Energy Ltd would
be suspended from trading on NYSE on and from 6 March 2000. Petsec Energy Ltd
is investigating alternative markets for the ADR's.
The action by the NYSE does not affect the quotation of the Company's ordinary
shares on the Australian Stock Exchange.
Yours faithfully
/s/ G.H. FULCHER
G.H. FULCHER
Company Secretary
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
PETSEC ENERGY LTD
Date: February 10, 2000 By: /s/ Ross A. Keogh
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Name: Ross A. Keogh
Title: Chief Financial Officer