Petsec Energy Acquires 100% Stake in Damis Production License

Australia’s Petsec Energy Ltd announced Friday that it has acquired a 100 percent participating interest in, and operatorship of, the Damis Production License in the Republic of Yemen’s Block S-1.

The Damis PL holds five oil and gas discoveries and a further four undeveloped oil and gas fields. Prior to its suspension in 2014, the An Nagyah oil field within the block produced 25 million barrels of oil since 2004 from 25 wells, reaching a peak oil rate of 12,716 barrels of oil per day in March 2006.

Petsec Energy’s Chairman Terry Fern commented in a company statement:

“The negotiations to acquire the Damis Block S-1 Production License have taken over a year and we are very pleased to have finally secured the developed An Nagyah oil field that can be brought back into production soon after shipping and refinery acceptances recommence in Yemen, which we are hopeful will be this year.

“The anticipated cash flow from An Nagyah production will provide the necessary capital to develop the substantial oil reserves we have secured in Block Damis S-1 and Block 7. This substantial increase in the company’s oil and gas reserves, added to the significant discoveries made in the US in 2015, has materially increased the underlying value of Petsec Energy despite the current low oil prices. We expect that 2016 will be a year of marked growth for the company.”

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