PETSEC ENERGY LIMITED(PSA)

Shareholders in this company should consider crystallising a capital loss in 2020/21 by selling their worthless shares, which they can achieve online by entering transaction details here. While this usually makes good economic sense, we recommend you seek professional advice before buying or selling securities, your accountant is probably the best person.

The company lodges its Quarterly Activities Report.

The company has entered into a purchase and sale agreement for the sale of all of the company's U.S. oil and gas interests to a privately held U.S. exploration and production company based in Houston. The agreement comprises the sale of the company's interests in the Hummer, Mystic Bayou and Jeanerette Fields for a nominal amount plus assumption of plug and abandonment of obligations, and forms part of the company's strategic plan announced in April 2020 to windup and close its U.S. business. The transaction has an effective date of 1 July 2020 and is expected to close on or before 31 August 2020.

The company has finalised the proposed issue of securities pursuant to the placement. On 19 May 2020, the company completed the minimum initial component of the placement raising $200,000 through the issue of 10,000,000 ordinary shares at the offer price of $0.02 per share, providing sufficient working capital till the end of this year. Shareholders were supportive of the minimum placement such that the remainder of the proposed placement which would have provided for up to a further $400,000 (20,000,000 ordinary shares) will not be undertaken at this time, but as, and when needed.

The company has today issued 10,000,000 ordinary shares at an issue price of $0.02 per share raising $200,000 pursuant to the placement announced to the market on 30 April 2020 and as detailed in the Appendix 3B lodged with the ASX on that date.

The company releases an Appendix 2A.

The company lodges its Quarterly Activities Report.

The company releases a notice of Proposed issue of Securities - PSA.

The company will undertake a placement to sophisticated investors to raise up to $600,000 through the issue of 30,000,000 ordinary shares at an offer price of $0.02. The remainder of the proposed placement will provide for up to a further $400,000 (20,000,000 ordinary shares) to be settled and allotted by 30 June 2020.

The securities of Petsec Energy Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of PSA, pending the release of an announcement regarding the outcome of negotiations with PSA's Convertible Noteholders.

name changed from Petroleum Securities Australia Limited