Petsec Energy Limited (ASX:PSA)
has announced a 19 per cent drop in net oil and gas revenues from the June quarter.
Compared to the previous quarter, lower production and sales prices meant net earnings after exploration expenses slipped to $1.49 million from $2.13 million.
Petsec operates in the Gulf of Mexico and onshore in North America as well as Yemen. US gas prices were lower in the June quarter due to mild summer weather and strong gas production.
Petsec also sold its interests in Marathon and Main Pass in the Gulf of Mexico for $17 million plus right of participation in four of the purchasers high potential exploration projects.
Petsec Energy posted losses of close to $17 million for the full year to the end of December 2013.