Petsec Energy shares posted strong gains after the oil and gas producer said it expects to meet its full year production guidance after posting a $5 million first half loss.
Shares in the US-based company, which is involved in oil and gas exploration and production in the Gulf of Mexico and Louisiana, rose four per cent to 12.5 cents on Tuesday.
Petsec Energy Ltd posted a $US5.2 million ($A5.04 million) loss in the six months to June 30, after recording a $US31 million ($A30.02 million) profit in the previous corresponding period.
Net revenue after royalties was $US3.3 million ($A3.20 million), down 55 per cent from $US7.4 million ($A7.17) million in the period.
"The company expects to meet its previous production guidance for the full year of two billion cubic feet of gas equivalent (Bcfe)," Petsec said in a statement.
Petsec Energy produced 1,006 one million cubic feet (MMcf) of gas and 5,919 barrels of oil for the six months ended June 30, 2012 from its five producing fields in the Gulf of Mexico shelf and the Louisiana Gulf Coast.
During the first half Petsec drilled a third well on the Marathon gas/condensate field, and a shale oil test well in Alberta, Canada.
The company is continuing technical evaluations of shale oil project areas in the United States.
In a separate statement Petsec said its Main Pass and Chandeleur offshore gas fields had been shut down and all offshore personnel evacuated ahead of the approaching Hurricane Isaac.
The company expects its Marathon and Main Pass 270 fields will also be shut prior to the storm's arrival.
The hurricane is expected to pass through the Gulf of Mexico shelf as a Category One Storm.
Petsec added that its Marathon gas/condensate Field had been brought into production.
The company said it did not declare a dividend for the six months ended June 30, 2012.
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