The bid of US$1,273,700 million was the highest of four bids at the MMS lease sale held on March 17, 2004. Petsec's share of the bid price was US$955,275. Petsec Energy is the operator and will own a 55% working interest.
Petsec Energy expects to commence drilling at Main Pass 19 in late 2004, following the four wells to be drilled at Vermilion 258 which are targeted to commence in September 2004.
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