Petsec Energy completes sale of selected USA oil and gas interests

7/16/2014

Petsec Energy completes sale of selected USA oil and gas interests

SYDNEY -- Petsec Energy reported that it has completed the sale of its working interests in the Marathon and Main Pass 270 fields together with certain associated exploration interests to a privately held U.S. exploration and production company.

The details of the transaction, which included a cash payment of $17 million and participation rights in certain South Louisiana exploration prospects, were stated on 7 July 2014. Following the closing of the transaction, Petsec Energy held cash resources of approximately $37 million.

Petsec Energy continues to hold oil and gas production and exploration interests in the USA in South Louisiana and offshore Gulf of Mexico, and in the Republic of Yemen, where it recently joined in the highly promising oil prospective Block 7.

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