PETSEC ENERGY LTD ACN 000 602 700 For personal use only M E D I A R E L E A S E 30 January 2015 Petsec Energy Announces the Result of the West Crab Lake Exploration Prospect – Onshore Louisiana, USA. Ruth R. Bravanec, et al # 1 Well Reaches Target Depth Petsec Energy Ltd (ASX: PSA / OTC ADR: PSJEY) Petsec Energy (the “Company”) advised today that the Ruth R. Bravanec, et al #1 well (“Bravanec, et al #1 well”), which spud on 7 January 2015 to test the West Crab Lake Prospect in Cameron Parish, onshore Louisiana, has reached the planned true vertical depth of 12,500 feet (12,911 feet measured depth) and has been logged and evaluated. The directional well was drilled to test multiple Lower Miocene age Marg (A) and Discorbis (B) sand reservoirs in a fault closure syncline separated from production in the Marg (A) and Discorbis (B) interval at the Crab Lake Field. The well intersected the target reservoirs as anticipated, but only a few thin zones were hydrocarbon bearing. These zones were too small to warrant completion and development, consequently the well will be plugged and abandoned. The estimated cost of the well net to the Company, is approximately US$0.7 million – which is US$0.22 million less than initial estimates. Petsec Energy’s Chairman, Mr Terry Fern, commented: The Bravanec, et al #1 well was the second well drilled in the 2015 USA exploration programme of 5 wells expected to be spud before mid - year 2015. This exploration programme will test prospects which range from 10 Bcfe to 66 Bcfe gross (2.4 to 6.7 Bcfe net). The two wells drilled to-date represent the smaller sized prospects of the programme. The remaining prospects are economically robust at current oil and gas prices and are expected to be drilled/spud by mid-year. The next well is anticipated to spud in late first quarter to early second quarter.” Participating working interests in the well are: Petsec Exploration and Production L.LC. LLOLA, L.L.C. (with LLOX as Operator) Private Companies 20% 40% 40% Details of the well: Well name: Type of well: Location of well: Final TD: Operator: Petsec working interest: Petsec net revenue interest: Estimated net drilling cost Ruth R. Bravanec, et al #1 Exploratory Cameron Parish, Louisiana 12,500’ TVD (12,911’MD) LLOX 20% BPO/15.5% APO 15.5% BPO/11.16% APO US$0.7 million For further information, please contact: Mr. Paul Gahdmar Company Secretary & Group Financial Controller Petsec Energy Ltd Level 13, 1 Alfred Street Sydney NSW 2000 Tel: 612 9247 4605 Fax: 612 9251 2410 Mr. Ross A. Keogh President & Group Chief Financial Officer Petsec Energy Inc. 1201 Louisiana, Suite 520 Houston, Texas 77002, USA Tel: (713) 457-5800 Fax: (713) 457-5838 Petsec Energy Ltd is an independent oil and gas exploration and production company listed on the Australian Stock Exchange. It has operations in the shallow waters of the Gulf of Mexico and state waters of the Louisiana Gulf Coast region of the USA, and exploration activities in the Gulf Coast onshore and bay areas of Texas and Louisiana, USA, and Yemen. Level 13, Gold Fields House, 1 Alfred Street, Sydney NSW 2000, Australia PO Box R204, Royal Exchange NSW 1225, Australia Telephone (61 2) 9247 4605 Facsimile (61 2) 9251 2410 Company information is available on: www.petsec.com.au