Petsec Finds More Gas at Main Pass 19


Main Pass 19
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Petsec Energy has made a commercial gas discovery from the first well in its current four-well drilling program at Main Pass 19 in the Gulf of Mexico.

Petsec said the Main Pass 19 G-7 exploration well had reached total depth and intersected four productive sands with an estimated 20 - 23 meters (65 - 75 feet) of net gas pay.

The sand thickness of the primary objectives was thinner than expected but this was partially offset by the intersection of additional sands that were not included in the pre-drill prognosis. Production casing is currently being run in the well prior to it being suspended for future production.

As previously announced, this well is the first in a program of four wells to be drilled from the Company's recently installed Main Pass 19 platform - located 128 kilometers (80 miles) south east of New Orleans, which will test total mapped potential of approximately 15 to 18 billion cubic feet equivalent (Bcfe) of gas net to Petsec Energy.

Main Pass 19 Production Update

Commissioning work to bring the Main Pass 19 field into production is continuing although adverse weather conditions have resulted in further minor delays. Production is now expected to commence during the second week of January 2006.

Petsec Energy also reports that the second well in its four well drilling program at Main Pass 19 has spud.

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

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