SYDNEY, Australia -- Petsec Energy has secured a rig to drill its prospect in Eugene Island block 310 in the Gulf of Mexico in 62 m (204 ft) of water.
Drilling is expected to begin in early March. The well will test updip an undeveloped 10-20 Bcfe gas objective, drilled by Transco in 1977. First production is expected by the end of this year, pending drilling results.
Petsec holds a 50% working interest in the well; Royal Exploration Co. is the operator.
The company also plans to drill two wells in Mobile Bay block 994 in the first quarter.