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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): DECEMBER 22, 1998
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PETSEC ENERGY INC.
(Exact name of registrant as specified in its charter)
NEVADA 333-31625* 84-1157209
(State or other jurisdiction (Commission File Number) (I.R.S. Employer Identification No.)
of incorporation or organization)
143 RIDGEWAY DRIVE
LAFAYETTE, LOUISIANA 70503
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (318) 989-1942
*Petsec Energy Inc. is a wholly owned operating subsidiary of Petsec Energy Ltd,
a listed Australian public company registered with the Commission as a result of
its public offering in July 1996 of American Depositary Receipts ("ADRs") which
are listed on the New York Stock Exchange (symbol: PSJ).
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Item 5. Other Events.
On December 22, 1998, Petsec Energy Ltd issued a press release
announcing the execution of a letter agreement by its wholly owned subsidiary,
Petsec Energy Inc. ("PEI"), with Apache Corporation whereby PEI agreed to sell
50% of its working interests in certain oil and gas properties in the Gulf of
Mexico for US$68.5 million in cash to Apache. The transaction is subject to due
diligence and the execution by the parties of definitive agreements. The
effective date is January 1, 1999 with closing anticipated on or before February
1, 1999 at which time Apache will assume operatorship of the leases.
The foregoing summary is subject to the full text of the press release
with respect thereto, a copy of which is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Press Release dated December 22, 1998 of Petsec Energy Ltd with respect
to letter agreement between Petsec Energy Inc. and Apache Corporation.
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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 hereunto duly authorized.
PETSEC ENERGY INC.
Date: January 11, 1999 By: /s/ ROSS A. KEOGH
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Name: Ross A. Keogh
Title: Vice-President--Finance
and Administration
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EXHIBIT INDEX
Exhibit
Number Description
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99.1 Press Release dated December 22, 1998 of Petsec Energy Ltd
with respect to letter agreement between Petsec Energy Inc.
and Apache Corporation.