6-K 1 h25825ce6vk.txt PETSEC ENERGY LTD UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 0-28608 PETSEC ENERGY LTD (Translation of registrant's name into English) 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] 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. The following release was filed with the Australian Stock Exchange on the date indicated. PETSEC ENERGY LTD ACN 000 602 700 24 May 2005 PETSEC TO DEVELOP NEW U.S.A. GAS FIELD FOLLOWING SUCCESSFUL MAIN PASS 19 # 2 WELL Petsec Energy Ltd (ASX, PSA; ADR's, PSJEY.PK) Australian oil and gas company, Petsec Energy Ltd, today announced the development go-ahead for its new Main Pass 19 gas discovery in the Gulf of Mexico, USA. Petsec said development approval followed results today from drilling of its Main Pass 19 #2 well, which reached total depth and encountered 7 hydrocarbon bearing sands with an estimated 37 metres (120 feet) of net gas pay. The successful #2 well follows the announcement earlier this month that the first well (#1) in the three-well Main Pass 19 drilling programme intersected 7 hydrocarbon bearing sands with an estimated 35 metres (115 feet) of net gas pay. "The first two wells in this programme have met pre-drill expectations and development of the field will now commence," Petsec Energy's Executive Chairman, Mr Terry Fern, said today. "The company has commenced refurbishment of the previously acquired platform and jacket and is targeting commencement of production in the beginning of the fourth quarter of 2005," Mr Fern said. The third well, in the programme to test 12 to 15 billion cubic feet equivalent (Bcfe) of natural gas net to Petsec Energy, will spud following the setting of production casing in the #2 well. Details of the well are as follows:

~~For~~Well ~~further information, please contact~~Name: ~~Mr.~~Main ~~Craig~~Pass ~~Jones~~19 ~~Mr.~~#2 ~~Ross~~-------------------------------- A.------------------------------------------ ~~Keogh~~Well ~~Petsec~~Location: ~~Energy~~128 ~~Ltd~~Kilometres ~~Petsec~~(80 ~~Energy~~miles) ~~Inc.~~southeast ~~Level~~of 13New ~~3861~~Orleans ~~Ambassador~~Offshore ~~Caffery~~Louisiana ~~Parkway~~in 1the ~~Alfred~~Gulf ~~Street~~of ~~Suite~~Mexico ~~500~~Spud ~~Sydney~~Date: ~~NSW~~12 ~~2000~~May ~~Lafayette,~~2005 LAWater ~~70503 Tel~~Depth: ~~612~~12 ~~9247~~metres ~~4605~~(38 ~~Tel~~feet) Total Depth: 12,377 metres (~~337~~7,795 feet) ~~989~~measured ~~1942~~depth ~~Fax~~Operator: ~~612~~Petsec ~~9251~~Energy ~~2410~~Inc. ~~Fax~~Petsec Working Interest: 155% ~~(337)~~Petsec ~~989~~Net ~~7271~~revenue Interest: 45.83%

Level 13 3861 Ambassador Caffery Parkway 1 Alfred Street Suite 500 Sydney NSW 2000 Lafayette, LA 70503 Tel: 612 9247 4605 Tel: 1 (337) 989 1942 Fax: 612 9251 2410 Fax: 1 (337) 989 7271

Certain statements in this report regarding future expectations and plans of the Company may be regarded as "forward-looking statements". 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. 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 24, 2005 By: /s/ Craig Jones Craig H. Jones Group Manager - Corporate

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