Petsec Makes Gas Discovery at Main Pass 19

Petsec said the Main Pass 19 #1 exploration well had reached total depth and intersected 7 productive sands with an estimated 35 meters (115 feet) of net gas pay. The well was drilled using the Noble Lester Pettus.

"These results have exceeded our pre-drill expectations and casing is now being run in the well for future gas production," Petsec's Executive Chairman, Mr Terry Fern, said today.

"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," he said.

"This should enable commercial discoveries at Main Pass 19 to be brought into production within a matter of months."

As previously advised, the new Main Pass well – located 128 kilometers (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).

The second well in the programme is scheduled to spud following setting of production casing in the Main Pass 19 #1 well.