| Ticker: PSALY | Level 13, 1 Aflred Street | |
| Exchange: NASDAQ-National Market | Sydney, Foreign NSW 2000 | |
| Industry: Natural Resources | 6122474605 |
| Type of Shares: | American Depositary Receipts | Filing Date: | 6/28/96 | |
| U.S. Shares: | 3,478,260 | Offer Date: | 7/22/96 | |
| Non-U.S. Shares: | 0 | Filing Price: | - | |
| Primary Shares: | 3,478,260 | Offer Price: | $19.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.14 | |
| Offering Amount: | $0 | Selling: | $0.68 | |
| Expenses: | $1,000,000 | Reallowance: | $0.10 | |
| Shares Out After: | 20,623,968 |
| Manager | Tier | Phone |
| Schroder Wertheim & Company, Incorporated | Lead Manager | (212) 492-6900 |
| Natwest Securities Ltd | Co-manager | (212) 602-4800 |
| Petrie Parkman & Co. | Co-manager | (303) 292-3877 |
| Auditor: KPMG Accountants N.V. | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 6/30/95 | 12/31/95 | 12/31/94 | 12/31/95 | ||
| Revenue: | $17.03 | $21.45 | $7.60 | Assets: | $101.75 |
| Net Income: | -$0.35 | $1.43 | -$0.99 | Liabilities: | $59.93 |
| EPS: | -$0.02 | $0.09 | -$0.07 | Equity: | $41.82 |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company is an independent exploration and production company operating in the shallow waters of the central Gulf of Mexico. The company established its Gulf of Mexico operations in 1990. Through December 1995, by following a focused, integrated strategy of exploration and development, the company discovered 120 Bcfe of estimated net proved reserves by drilling 12 exploration and four development wells, all completed as commercially productive, at an average finding and development cost of $0.82 per Mcfe. From January 1992 through December 1995, the company increased its Gulf of Mexico estimated net proved reserves from approximately 10.8 Bcfe to 92.8 Bcfe, achieving compounded annual reserve growth of more than 70%. The company currently owns 100% of the working interest in 26 leasehold blocks in the central Gulf of Mexico, 10 of which are currently productive, and anticipates spending approximately $100 million for exploration and development of this lease inventory for the 18 month period ending December 31, 1997. |
| Use of Proceeds |
| The proceeds from the offering will be used to repurchase shares, to repay debt and for working capital. |
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