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]
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
24 May 2005
PETSEC TO DEVELOP NEW U.S.A. GAS FIELD
FOLLOWING SUCCESSFUL MAIN PASS 19 # 2 WELL
Petsec Energy Ltd (ASX, PSA; ADR's, PSJEY.PK)
Australian oil and gas company, Petsec Energy Ltd, today announced the
development go-ahead for its new Main Pass 19 gas discovery in the Gulf of
Mexico, USA.
Petsec said development approval followed results today from drilling of
its Main Pass 19 #2 well, which reached total depth and encountered 7
hydrocarbon bearing sands with an estimated 37 metres (120 feet) of net gas
pay.
The successful #2 well follows the announcement earlier this month that the
first well (#1) in the three-well Main Pass 19 drilling programme
intersected 7 hydrocarbon bearing sands with an estimated 35 metres (115
feet) of net gas pay.
"The first two wells in this programme have met pre-drill expectations and
development of the field will now commence," Petsec Energy's Executive
Chairman, Mr Terry Fern, said today.
"The company has commenced refurbishment of the previously acquired
platform and jacket and is targeting commencement of production in the
beginning of the fourth quarter of 2005," Mr Fern said.
The third well, in the programme to test 12 to 15 billion cubic feet
equivalent (Bcfe) of natural gas net to Petsec Energy, will spud following
the setting of production casing in the #2 well.
Details of the well are as follows:
<Table>
<Caption>
Well Name: Main Pass 19 #2
- -------------------------------- ------------------------------------------
Well Location: 128 Kilometres (80 miles) southeast of New
Orleans Offshore Louisiana in the Gulf of
Mexico
Spud Date: 12 May 2005
Water Depth: 12 metres (38 feet)
Total Depth: 2,377 metres (7,795 feet) measured depth
Operator: Petsec Energy Inc.
Petsec Working Interest: 55%
Petsec Net revenue Interest: 45.83%
</Table>
<Table>
<Caption>
For Further Information:
Mr. Craig Jones Mr. Ross A. Keogh
Petsec Energy Ltd Petsec Energy Inc.
</Table>
<Table>
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>
Certain statements in this report regarding future expectations and plans
of the Company may be regarded as "forward-looking statements". 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.
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: May 24, 2005 By: /s/ Craig Jones
Craig H. Jones
Group Manager - Corporate