Petsec Spuds New Gulf of Mexico Well

Petsec Energy has continued its expanded 2005 exploration and development program with the spudding of the Main Pass 19 #1 well in the Gulf of Mexico, USA. The well is being drilled by the Noble Lester Pettus. The proposed total depth of the well is 7,748 feet MD and it is estimated to take 15 days to drill.

The new well located 80 miles south east of New Orleans is the first in a program of two to three wells to be drilled from the same location to test mapped potential of approximately 12 billion cubic feet to 15 billion cubic feet equivalent of natural gas (net to Petsec).

An existing platform and jacket have been acquired and a sales pipeline is in close proximity to the drilling location, allowing commercial discoveries to be brought into production within a few months.

Drilling of the Main Pass 19 #1 well follows the announcement last month by Petsec that its exploration and development budget for 2005 had been set at A$32 million (US$25 million).

The budget which includes a more active exploration component allows for 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.

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