<PAGE> 1
PETSEC ENERGY LTD
(A.C.N. 000 602 700)
13 May 1999
PETSEC COMMENCES 1999 DRILLING PROGRAMME
Petsec is preparing to spud its first well in the 1999 drilling programme of
6-8 wells.
Drilling operations have commenced on the Ship Shoal 193 B-2 development well
which will be drilled from the B platform. The well will test multiple oil
objectives with associated gas, which are productive in three other wells in
the lease.
Expected total depth is 4,393 metres (14,414 feet).
This is the first well drilled by the Petsec / Apache joint venture. Petsec has
a 50% working interest and Apache Corporation is the operator of the well.
The weekly drilling report is attached.
E.M. CONWAY
Company Secretary
For further information, visit our website http://www.petsec.com or 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
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.
<PAGE> 2
PETSEC ENERGY LTD
(A.C.N. 000 602 700)
13 May 1999
WEEKLY DRILLING REPORT - 13 MAY 1999
The Ship Shoal 193 B-2 development well was preparing to spud on Wednesday 12
May 1999. The well will test multiple objectives within intervals that are
productive in other wells in the Ship Shoal 193 field.
Apache Corporation is operator of the well.
<TABLE>
<CAPTION>
WELL DEPTH
WELL OPERATOR PETSEC SPUD
(Location) INTEREST DATE
WI% NRI% Week's
GULF OF MEXICO, USA Expected Current Progress
Total Depth Depth (MD)
(MD)
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Ship Shoal 193 B-2 Apache 50 40.17 12.5.99 14,414 ft 472 ft 472 ft
Corporation Inc. (4,393 mts) (144 mts) (144 mts)
Present Operation Preparing to spud
</TABLE>
E.M. CONWAY
Company Secretary
For further information, visit our website http://www.petsec.com or 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
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.
