Petsec Sets 2005 Exploration Budget at A$32 Million

Petsec Energy has set an exploration and development budget of A$32 million (US$25m) for the 2005 year.

The budget includes the drilling and development of 7 wells in the USA and China, a 94 square mile 3D seismic survey onshore USA, and a feasibility study and Oil Development Plan for the 12.8 West oil field in China.

Whereas Petsec Energy's 2004 activity focused primarily on the development of the Vermilion 258 gas field in the Gulf of Mexico, USA, and the acquisition of extensive oil and gas interests onshore Louisiana, USA , the 2005 budget includes:-

  • a more active exploration program in the USA of 6 wells onshore and offshore Louisiana

  • one well offshore China,

  • a 3D seismic survey onshore Louisiana.

  • A Feasibility Study and Oil Development Plan (ODP) for the 12.8 West oil field in China

  • The 7 well drilling program in the USA and China will target potential reserves in excess of 25 billion cubic feet of gas equivalent (Bcfe).

    The 94 square mile 3D seismic survey covers the Moonshine Project, 50 miles West of New Orleans, an area not surveyed with 3D seismic before and proximal to gas fields that have produced 180 Bcfe. This planned for the to take place during the first and second quarter.

    The Feasibility Study and Oil Development Plan for the 12.8 West oil field in China (approximately 10 million barrels), is expected to be completed by mid year. Petsec Energy holds a net interest of approximately 1.25 million barrels. "This exploration and development program will be funded from existing cash reserves and cash flow generated from the Company's operating fields. Production is forecast to be 7.0 billion cubic feet of gas equivalent in the 2005 year some 23 % higher than the 2004 year." Petsec's Executive Chairman, Mr. Terry Fern, said.

    In the United States three wells are planned for the second quarter in Main Pass 19 in the Gulf of Mexico. Onshore Louisiana during the first and second quarter three wells are planned. Also, another well is scheduled to be drilled offshore China in Block 22/12 during the fourth quarter.


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