Horizon farming into Beibu Gulf block

Offshore staff

SYDNEY, Australia – Petsec Energy has agreed to sell its wholly-owned subsidiary Petsec Petroleum LLC to Horizon Oil for $38 million cash, plus options.

The subsidiary company has a 25 interest in block 22/12 of the Beibu Gulf, offshore China. The sale should be completed later this month.

Petsec plans to direct the funds toward growth of its operations in the US sector. The company aims to accelerate its planned move into the shale oil business, and to shift its traditional Gulf of Mexico oil and gas exploration and production focus to the Gulf Coast and onshore Louisiana and Texas.

06/02/2011