The leases will be awarded to Petsec subject to the approval of the MMS. The four leases are Main Pass 7, Main Pass 91, Vermilion 41 and Vermilion 148. Total spent at the sale was $2,251,800. All four leases have previously produced oil or gas.
The new Main Pass leases are immediately to the north of the Company's recent oil and gas discovery on the Main Pass 18 lease.
The new Vermilion leases are located approximately 35 miles and 65 miles to the north of the Company's Vermilion 258 gas field.
Petsec Energy will have a 100% working interest (83.33% net revenue interest) in these new leases when they are awarded.
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