Petsec Formally Awarded Two Gulf of Mexico Blocks

The MMS has formally awarded Petsec Energy two blocks from the Central Gulf of Mexico Lease Sale 198 held in March. Petsec was high bidder on Vermilion 41 (4,251 acres) and Vermilion 148 (5,000 acres) leases in the Gulf of Mexico.

Petsec has a 100% working interest and an 83.33% net revenue interest in each lease and the leases have a five year exploration term.

The new Vermilion leases are located approximately 35 miles and 65 miles to the north of the Company's Vermilion 258 gas field.

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