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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 0-28608
PETSEC ENERGY LTD
(Translation of registrant's name into English)
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 [ ]
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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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.
The following release was filed with the Australian Stock Exchange on the date
indicated.
PETSEC ENERGY LTD
ACN 000 602 700
26 April 2005
PETSEC CONTINUES EXPANDED 2005 PROGRAM
WITH SPUDDING OF NEW GULF OF MEXICO WELL
Petsec Energy Ltd (ASX, PSA; ADR's, PSJEY.PK)
SYDNEY, Australia:- Petsec Energy Limited has continued its expanded 2005
exploration and development program with the spudding on Saturday (23
April) of the Main Pass 19 #1 well in the Gulf of Mexico, USA.
The new well - located 128 kilometres (80 miles) south east of New Orleans
- - is the first in a program of two to three wells to be drilled from the
same location to test mapped potential of approximately 12 billion cubic
feet to 15 billion cubic feet equivalent of natural gas (net to Petsec).
An existing platform and jacket have been acquired and a sales pipeline is
in close proximity to the drilling location, allowing commercial
discoveries to be brought into production within a few months.
Drilling of the Main Pass 19 #1 well follows the announcement last month by
Petsec that its exploration and development budget for 2005 had been set at
A$32 million (US$25 million).
The budget - which includes a more active exploration component - allows
for the drilling and development of 7 wells in the USA and China, a 94
square mile 3D seismic survey onshore USA, and a feasibility study and Oil
Development Plan for the 12.8 West oil field in China.
Details of the newly-spudded Main Pass 19 #1 well are as follow:-
<Table>
Well Name: Main Pass 19 # 1
Spud Date: 23 April 2005
Water Depth: 12 metres (38 feet)
Proposed Total Depth: 2,355 metres (7,748 feet MD)
Estimated time to drill: 15 days
Operator Petsec Energy Inc.
Petsec working interest 55%
Petsec net revenue interest 45.83%
</Table>
<Table>
For Further Information:
Mr. Craig Jones Mr. Ross A. Keogh
Petsec Energy Ltd Petsec Energy Inc.
Level 13 3861 Ambassador Caffery Parkway
1 Alfred Street Suite 500
Sydney NSW 2000 Lafayette, LA 70503
Tel: 612 9247 4605 Tel: 1 (337) 989 1942
Fax: 612 9251 2410 Fax: 1 (337) 989 7271
</Table>
Level 13, Gold Fields House, 1 Alfred Street, Sydney NSW 2000, Australia
PO Box R204, Royal Exchange NSW 1225, Australia
Telephone (61 2) 9247 4605 Facsimile (61 2) 9251 2410
Company information is available on: petsec.com.au
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: April 26, 2005 By: /s/ Craig Jones
Craig H. Jones
Group Manager - Corporate