Petsec Energy Ltd. Reported consolidated earnings and production results for the full year ended December 31, 2017. For the period, the company reported revenues from sale of oil & gas was $1,316,000 compared to $1,116,000 a year ago. Net revenues after royalties was $1,316,000 compared to $1,091,000 a year ago. Loss before income tax was $11,964,000 compared to $13,024,000 a year ago. Loss from continuing operations was $11,964,000 compared to $13,024,000 a year ago. Loss for the period was $11,964,000 compared to $13,024,000 a year ago.
Total comprehensive loss for the period was $11,382,000 or 3.8 cents per basic and diluted share compared to $13,319,000 or 5.5 cents per basic and diluted share a year ago. Net cash used in operating activities was $4,909,000 compared to $6,799,000 a year ago. Payments for property, plant and equipment was $55,000 compared to $138,000 a year ago. Payments for oil and gas, exploration and evaluation properties were $4,198,000 compared to $2,727,000 a year ago.

The company reported net production for the full year of 347 MMcfe compared to 313 MMcfe a year ago, up by 11%. The Company produced net to its revenue interest 307 million cubic feet of gas and 6,689 barrels of oil/condensate (equivalent to 347 MMcfe) in the twelve months to 31 December 2017. Production was derived from the Mystic Bayou Field, onshore Louisiana USA and the Main Pass Block 270 B-1 well on the Hummer Field, which commenced initial production 21 November 2017.