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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, 2000
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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
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[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
18 January 2000
PETSEC ENERGY INC. SIGNS NEW CREDIT FACILITY
Sydney, Australia - Petsec Energy Ltd (ASX: PSA and NYSE: PSJ) today announced
that its wholly owned subsidiary, Petsec Energy Inc., has signed a new $30
million secured credit facility. The new facility is with Foothill Capital
Corporation and provides for availability of up to $30 million pursuant to a
borrowing base calculation.
The proceeds of this new credit facility are being used to retire Petsec Energy
Inc.'s existing secured debt with Chase Manhattan Bank, N.A., Bank of America,
N.A. and Credit Lyonnais, and for general working capital purposes.
The new credit facility prohibits Petsec Energy Inc. from paying interest on
its $100,000,000 principal amount of 9 1/2% Senior Subordinated Notes due 2007.
As previously announced, Petsec Energy Inc missed the $4.75 million interest
payment due on such notes on December 15, 1999. Petsec Energy Inc has scheduled
a meeting with members of a committee of holders of the notes on Tuesday,
January 18, 2000.
Petsec Energy Inc. is an independent oil and gas exploration and production
company with operations in the offshore Gulf of Mexico and offices in
Lafayette, Louisiana. Petsec Energy Ltd is headquartered in Sydney, Australia.
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) (337) 989 1942 (phone)
(61) 2 9251 2410 (fax) (337) 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 website http://www.petsec.com
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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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PETSEC ENERGY LTD
ACN 000 602 700
19 January 2000
PETSEC ENERGY INC. MANAGEMENT MEETS WITH BONDHOLDERS
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Sydney, Australia - Petsec Energy Ltd (ASX: PSA and NYSE: PSJ) ("PEL")
announced today that members of the management of Petsec Energy Inc. ("PEI"),
PEL's wholly owned U.S. subsidiary, and its advisors, met with a steering
committee of holders of its US $100,000,000 principal amount of 9 1/2% Senior
Subordinated Notes due 2007. At the meeting discussions were held concerning
alternative solutions to PEI's current financial situation. As previously
announced, PEI missed the December 15, 1999 payment of interest on the notes.
PEI intends to continue discussions with its noteholders concerning alternative
solutions with the goal of finding a solution that is mutually agreeable to
both PEI and the holders of the notes. It is not intended that any further
announcements regarding this matter will be made until either agreement is
reached on a solution or it becomes apparent that no such agreement can be
reached.
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) (337) 989 1942 (phone)
(61) 2 9251 2410 (fax) (337) 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 website http://www.petsec.com
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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: February 9, 2000 By: /s/Ross A. Keogh
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Name: Ross A. Keogh
Title: Chief Financial Officer
