Offshore staff

(US, GoM)-Petsec Energy has been awarded the Main Pass 91 lease by the MMS in the Gulf of Mexico. Petsec has a 100% working interest in the 2,923-acre block, and an 83.33% net revenue interest in the lease with a five-year exploration term.

This new lease is located in approximately 30 ft of water and adjacent and just to the north of Petsec's existing Main Pass 19 and 18 leases. Earlier this year, the company discovered 15-18 bcf of gas and 1.1 MMbbl of net oil in these two leases.

Main Pass 91 also adjoins the Main Pass 7 lease, which was awarded to Petsec last week.

Previously a Mobil lease, Main Pass 91 has produced in excess of 180 bcf of gas. Petsec has held the lease in the mid 90's and discovered on the order of 30 bcf of gas prior to selling it in 2000.

It is reported that the lease has multiple sand targets and is prospective for gas, with most zones defined by seismic anomalies that are typical of the Main Pass area.

5/31/2006