SYDNEY, Oct 11 (Reuters) Australia's Petsec Energy Ltd. said on Thursday it has agreed to buy a package of oil and gas assets in the Gulf of Mexico and onshore Louisiana for US$110 million, pushing up its shares.
Petsec said the purchase from private U.S. oil and gas company LLOG Exploration Co LLC included six producing gas fields, and would be fully debt funded.
''Our U.S. reserves and production will double, leading to significantly increased earnings and a stronger platform to pursue our traditional exploration-based reserves growth,'' Petsec Chief Executive Terry Fern said in a statement.
The assets included interests in Main Pass 20 and 270 and Chandeleur 31/32 in the Eastern Gulf of Mexico, close to Petsec's existing fields, the company said.
It also bought interests in four onshore gas fields in Louisiana, three of which were currently producing.
The acquistion totalled net proved and probable reserves of 36.2 billion cubic feet of oil equivalent (Bcfe), while oil and gas production would be 9-10 Bcfe in calendar 2008.
Petsec shares jumped 17 percent to close at A$1.635, a two-and-a-half month high.
REUTERS MP DS1523