Petsec Begins New Main Pass Drilling Program

Petsec Energy has spud the first well in its new four-well drilling program at Main Pass 19.

The new wells are being drilled from the Company's recently installed Main Pass 19 platform located 80 miles southeast of New Orleans, and will test mapped potential of approximately 15 to 18 billion cubic feet equivalent (Bcfe) of gas net to Petsec Energy.

Successful wells will be completed for production while drilling on subsequent wells proceeds.

US natural gas prices are currently in excess of US$14 per thousand cubic feet (Mcf).

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Brent Crude Oil : $50.2/BBL 3.29%
Light Crude Oil : $47.89/BBL 3.34%
Natural Gas : $2.94/MMBtu 1.37%
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