Corporate Objective and Strategy

Corporate Objective and Strategy

Petsec Energy’s corporate objective is to increase shareholder value by increasing the net asset value of the Company through successful oil and gas exploration, development and production, thereby building Petsec Energy into a significant mid-tier oil and gas exploration and production company, respected in the industry for its technical skills, timely and cost effective delivery of projects, and the integrity with which it conducts its business.

The Company’s strategy is to meet the above objective is to maximise the value of its current reserves, pursue participation in high quality, high impact exploration drilling opportunities, and to acquire leases, with undeveloped or producing oil and gas reserves, which hold significant development, low risk exploitation and exploration potential.

Historically the strategic and geographical focus has been predominantly exploration in Louisiana, USA. This focus had shifted in 2014 to include oil reserve acquisition in the Middle East and North Africa (MENA) region. In Yemen, the Company holds two leases. One with undeveloped oil resources, and substantial exploration potential, and the second a production licence over five sizeable oil and gas discoveries, one of which is developed (An Nagyah) and has until recently been in production. The Company will actively continue to identify and acquire additional developed and undeveloped reserves within the MENA region.