Petsec has a 100% working interest and an 83.33% net revenue interest in the lease which has a five year exploration term.
The new Main Pass lease is located in approximately 30 feet of water and is adjacent and to the north of the Company's existing Main Pass 19 & 18 leases where Petsec Energy discovered 15-18 Bcf of gas and 1.1 million barrels of oil net to Petsec earlier this year.
The new lease also adjoins the Main Pass 7 lease which was awarded to Petsec last week. Main Pass 91 is an old Mobil lease and has produced in excess of 180 Bcf of gas. Petsec held the lease in the mid 1990's and discovered in the order of 30 Bcf of gas prior to its sale in 2000.
The lease has multiple sand targets and is prospective for gas with most zones defined by seismic anomalies typical of the Main Pass area. An existing gas sales pipeline runs through the nearby Main Pass 6 lease.
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