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EXHIBIT 99.2

                               PETSEC ENERGY LTD
                              (A.C.N. 000 602 700)
14 April, 2000

The Manager, Companies
Company Announcements
Australian Stock Exchange
Level 4, 20 Brige Street
SYDNEY  NSW  2000

Dear Sir/Madam

RE: PETSEC ENERGY INC.

The Company's wholly owned U.S. subsidiary, Petsec Energy Inc. ("PEI") has
filed a voluntary petition in the Federal Court in Opelousas, Louisiana under
Chapter 11 of the U.S. Bankruptcy Code.

The filing will allow PEI to continue its operations under the protection of
the bankruptcy court while it continues discussions with its senior unsecured
noteholders regarding possible solutions to its financial situation. It will
also afford PEI the opportunity to evaluate all other options.

To maintain liquidity through the reorganization process, including payment of
suppliers and trade creditors, PEI is negotiating a commitment for up to US$30
million of post-petition financing from Foothill Capital, PEI's existing
secured lender, subject to court approval.

Petsec Energy Ltd is an independent oil and gas exploration and production
company operating in the shallow waters of the US Gulf of Mexico.

Yours faithfully

GEOFF FULCHER
COMPANY SECRETARY

For further information please contact:

In Australia:                                      In USA:

Terry Fern, Managing Director            Ross Keogh, Chief Financial Officer
Petsec Energy Ltd                        Petsec Energy Ltd
(61) 2 9247 4605 (phone)                 (318) 989 1942 (phone)
(61) 2 9251 2410 (fax)                   (318) 989 7271 (fax)
Level 13, Gold Fields House              143 Ridgeway Drive, Suite 113
1 Alfred Street, Sydney NSW 2000         Lafayette, Louisiana 70503-3402

   Company information is available at Petsec's website http://www.petsec.com

1.    Information in this report which relates to hydrocarbon reserves is based
      on information compiled by a person qualified in accordance with Listing
      Rule 5.11 and accurately reflects the information compiled by that
      person.
2.    Certain statements in this report regarding future expectations and plans
      of the Company may be regarded as "forward-looking statements" within the
      meaning of Section 27A of the USA Securities Act of 1933 and Section 21E
      of the USA Securities Exchange Act of 1934. Although the Company believes
      that its expectations and plans are based upon reasonable assumptions, it
      can give no assurance that its goals will be met. Actual results may vary
      significantly from those anticipated due to many factors, including oil
      and gas prices, operating hazards, drilling risks, environmental risks
      and uncertainties in interpreting engineering and other data relating to
      oil and gas reservoirs, as well as other risks discussed in the Company's
      SEC filings.