Petsec mobilizing drilling rig for program in Mobile Bay
Offshore staff
US, GoM -- Petsec Energy Ltd. is mobilizing a rig for a 2 to 3-well drilling program in Mobile Bay. The drilling, which is expected to be under way be the end of the week, will be conducted on Mobile Bay blocks 950, 951, and 873.
The operator of the drilling phase will be joint venture participant Royal Exploration Co. Inc. Petsec's working interest in the leases is 50% before payout (40% after payout), and its net revenue interest is 39.42% before payout (30.53% after payout).
The wells will target a total of 6-10 bcfe of gas net to Petsec (after payout) with an estimated drilling time of 12-15 days for each well. If the program is successful, it is expected that the wells could be brought into production as early as four months from completion, says Petsec.
These wells will be the first drilled on its portfolio consisting of 33 leases acquired in August, which have unrisked mapped targets of 157 bcfe of gas and 28 MMbbl of oil.
10/10/06