Petsec Energy Ltd : - Issue of Options to Directors in Lieu of Remuneration

Petsec Energy Ltd (the 'Company') wishes to advise that it will issue a total of 12 million options to its newly appointed Directors, Messrs. Barry Dawes, Francis Douglas and Brent Emmett, subject to regulatory approvals and obtaining Shareholder approval at its next General Meeting, currently scheduled for May 2021.

The proposed issue of options is in lieu of the payment of director fees to each of the Directors, who have graciously accepted that there will be no cash remuneration paid until such times as the Company has substantial free cashflow and regains profitability.

The terms of the proposed issue of options are set out in Annexure A which is attached to this announcement.

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Petsec Energy Ltd is an independent oil and gas exploration and production company listed on the Australian Stock Exchange. It has operations onshore in the Republic of Yemen.

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