Petsec Energy has been active in the USA since 1989 and has explored offshore in the Gulf of Mexico and onshore in Louisiana, and Texas, Petsec has drilled over 100 wells in the USA and has enjoyed a success rate of 74%.
In 2014, the Company determined that it wished to pursue both an exploration and an oil reserves acquisitions strategy. Following a strategic review, the Company identified the Middle East & North African (MENA) region as a growth area for the Company where licences with producing oil reserves or near development reserves, with associated high exploration potential, can be acquired at lower prices than those in the USA. In 2015, a non-operated interest in a large licence (Block 7) area was acquired in Yemen, which held a potentially large undeveloped oilfield discovery and a number of drill prospects which held potentially very large oil reserves ranging up to 900 million barrels of oil. In early 2016, the Company acquired another licence Damis (Block S1) in Yemen, which held five oil and gas fields of which one field, the An Nagyah Oilfield had been developed and was producing until political unrest in 2014 caused it to be shut-in. Petsec has continued to negotiate for additional interests in these licenses and now has agreements to acquire and operate 100% interest in both blocks.