Petsec to Recommence Drilling Program in 4Q

The BP incident in the Gulf of Mexico has not directly affected Petsec Energy's operations to date, however resultant changes in the permitting of wells by both US Federal and Louisiana State regulatory authorities is expected to cause general delays in the issue of new drilling permits, including the Gulf of Mexico Shelf where Petsec operates. Consequently the Company considers that its 2010 program of 3 to 5 wells to target 20-50 Bcfe net to Petsec will recommence in the fourth quarter of 2010 and will likely extend into 2011.