Offshore staff

HOUSTON -- Petsec Energy Ltd. found gas with its Mobile Bay block 950 well No.1.

The Royal Exploration Co.-operated discovery well was drilled to 3,249 ft MD in 67 ft of water. It encountered 34 ft of net gas pay in two sands, meeting pre-drill expectations, according to Petsec.

The well has been cased, and will be completed for production. A caisson will be installed to support production facilities.

This is the second successful well drilled from the company's portfolio of 33 leases it acquired in August, which has unrisked targets of 157 Bcfe of gas and 28 MMbbl of net oil.

11/7/06