Petsec spuds GoM wells

Offshore staff

SYDNEY, Australia -- Petsec Energy Ltd. has spudded the first of the three wells on the Mobile Bay 993 and 994 leases in the Gulf of Mexico. The target is bout 14 bcf of natural gas reserves.

This is the first well in a one- to three-well drilling program being conducted on the Mobile Bay 993 and 994 leases, 160 km (99 mi) east of New Orleans and south of the recent gas discoveries made in Mobile Bay 950 and 951.

The company plans to drill the Mobil Bay 993#1 well to a depth of 1,143 m (3,750 ft) in 25 m (82 ft) water depth.

Royal Exploration Co. Inc. holds the other 50% interest in leases 993 and 994.

12/22/2006