Petsec cuts full year guidance

Company News

Oil and gas explorer Petsec Energy Limited (ASX:PSA, PINK:PSJEY) has cut its full year guidance for production and revenue after reporting a fall in its third quarter production.
In the three months to the end of September Petsec posted a 24 per cent drop in production compared to the quarter before.

Compared to the year before production declined 45 per cent, impacted by a 33-day closure at one of its fields in the Gulf of Mexico because of pipeline leaks. 

The company has cut its full year production forecast from 2.5 billion cubic feet of gas equivalent to 2.2 billion cubic feet of gas equivalent.

Full year net revenue is also expected to drop from $US14 million to $US13 million.

In the first half of its 2011 financial year Petsec Energy swung from a loss to a net profit of $29.5 million.

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