Petsec Makes 3rd Discovery at Main Pass 19



Petsec Energy says its third well at Main Pass 19 in the Gulf of Mexico has found gas.

Petsec said the Main Pass 19 #3 exploration well had reached total depth and intersected two hydrocarbon bearing sands with an estimated 15 meters (50 feet) of net gas pay. The well found the primary target to be gas bearing in addition to confirming the extent of a sand that was previously penetrated by the Main Pass 19 #1 well.

"We are extremely pleased with the results of the drilling program at Main Pass 19 where all three wells met our pre-drill expectations. Development of the field is now underway and production is targeted to commence in the beginning of the fourth quarter 2005," Petsec Energy's Executive Chairman Mr. Terry Fern, said.

The third well – located 128 kilometers (80 miles) south east of New Orleans – completes the three well program at Main Pass 19. The three wells were drilled from the same location by Noble Drilling's Noble Lester Pettus to test mapped potential of approximately 12 billion cubic feet to 15 billion cubic feet equivalent of natural gas (net to Petsec).

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