Petsec to sell assets

Petsec Energy Inc, a wholly owned subsidiary of oil and gas company Petsec Energy Ltd, said yesterday it would sell some of its assets in the Gulf of Mexico to pay off debt. Petsec will sell half its stake in 23 oil and gas leases in shallow-water areas of the Gulf of Mexico to Houston-based independent oil producer Apache Corp for $110 million. "This represents the end of our review of strategic alternatives," said managing director Mr Terry Fern. Petsec shares, down more than 87 per cent in the past six months, ended 7¢ firmer at 50¢ yesterday.