Petsec discovers GoM gas in Main Pass block 19

Offshore staff

Petsec Energy Inc. announced a commercial gas discovery in the Gulf of Mexico, USA, in Main Pass block 19. The Main Pass 19 No. 1 exploration well reached 7,748 ft TD and intersected 7 productive sands with an estimated 115 ft of net gas pay.

"These results have exceeded our pre-drill expectations and casing is now being run in the well for future gas production," Terry Fern, Petsec's executive chairman, says. "Petsec has already acquired an existing platform and jacket and a sales pipeline is in close proximity to the drilling location of this latest successful well. This should enable commercial discoveries at Main Pass block 19 to be brought into production within a matter of months."

Petsec is operator with 55% working interest and 45.83% net revenue interest. The new well is 80 mi southeast of New Orleans and is the first in a program of two or three wells Petsec will drill from the same location. The wells have the potential to produce 12 – 15 bcf net to Petsec. The company will spud the second well following the setting of production casing in the initial well.

5/11/05