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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 THE MONTH OF JANUARY 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
(A.C.N. 000 602 700)
18 January 1999
PETSEC ENERGY FINALISES PURCHASE AND SALE AGREEMENT WITH
APACHE CORPORATION
Sydney, Australia - Petsec Energy Ltd (ASX: PSA and NYSE: PSJ), today announced
that its wholly owned subsidiary, Petsec Energy Inc. has signed the purchase
and sale agreement of its previously announced sale of properties to Apache
Corporation. The transaction represents a cash sale of 50% of Petsec's working
interest in certain oil and gas properties in the Gulf of Mexico to Apache for
US$68.5 million.
The transaction is effective January 1, 1999 with closing expected to take
place on February 1, 1999. Petsec intends to use the proceeds from the sale to:
repay a significant proportion of its senior bank debt; fund a portion of its
1999 capital program; and for working capital.
Petsec Energy Ltd's Managing Director, Mr. Terry Fern said "Negotiations with
Apache have proceeded well, resulting in the signing of a purchase and sale
agreement consistent with the terms of the letter of agreement announced on
December 22, 1998."
Upon completion of the transaction, Petsec will hold a 100% working interest in
21 leases in addition to a 50% working interest in 23 joint venture leases. All
of these leases are situated in the shallow waters of the Gulf of Mexico.
For further information please contact:
In Australia: In USA:
Geoff Fulcher, Company Secretary 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: January 19, 1999 By: /s/ ROSS A. KEOGH
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Name: Ross A. Keogh
Title: Chief Financial Officer
