Petsec Energy Ltd. reported unaudited consolidated earnings and operating result for the six months ended June 30, 2014. For the period, the company reported revenues from sale of oil & gas of USD 7.531 million against USD 9.557 million a year ago. Net revenues after royalties were USD 7.118 million against USD 8.817 million a year ago. Profit before income tax was USD 0.742 million against loss before income tax of USD 5.246 million a year ago. Profit from continuing operations was USD 1.350 million against loss from continuing operations of USD 5.246 million a year ago. Profit for the period was USD 1.350 million against loss of USD 5.246 million a year ago. Basic and diluted earnings per share were USD 0.006 against basic and diluted loss per share of 0.022 a year ago. Net cash from operating activities was USD 4.027 against USD 4.240 million a year ago. Payments for property, plant and equipment was USD 0.021 million against USD 0.031 million a year ago. EBITDAX was USD 3.5 million against USD 4.8 million a year ago.

For the six months, the company's net production for the six months ended 30 June 2014 of 1,317 MMcf of gas and 8,314 barrels of oil/condensate (equivalent to 1,367 MMcfe) was 30% lower than the previous corresponding period production of 1,957 MMcfe, reflecting the impact of shut-ins of certain wells in the Main Pass Area coupled with the natural decline in production from the company's other mature fields.

For the second half, the company's production in the second half is expected to be significantly lower than that achieved for the first half of the year following the sale of the Marathon and Main Pass 270 fields in mid-July 2014.