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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 MAY 26, 1999
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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 ___
[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
ACN 000 602 700
26 May 1999
PETSEC ANNOUNCES JOINT VENTURE
WITH LLOG EXPLORATION COMPANY
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Petsec Energy (ASX: PSA; NYSE: PSJ) has signed participation and joint venture
agreements with LLOG Exploration Company (LLOG) over the Mustang Island
749, 797, and 883 leases, offshore Texas.
The agreement calls for LLOG to pay 89% of the cost of the first well on each
of the leases to a mutually agreed depth for which they will earn a 66.7%
working interest in the respective lease. In addition, Petsec will receive a
portion of past costs and retain a 33 1/3% working interest in the leases.
The first well to be drilled in the three-well programme will be Mustang
Island 883 #1 which is expect to spud within the next 90 days and drill to
approximately 3,731 metres (12,240 feet) measured depth.
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 web site 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.
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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: May 26, 1999 By: /s/ G.H. FULCHER
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Name: G.H. Fulcher
Title: Company Secretary