Petsec Energy Spuds Well at Vermilion 257 Prospect

Petsec Energy has spud the first well in a one to two well drilling program at the company's Vermilion 257 lease in the Gulf of Mexico.

Vermilion 257 adjoins and is immediately to the east of the company's Vermilion 258 lease where Petsec drilled four successful wells and installed production facilities in 2004.

The well is being drilled from a jacket which was set on Vermilion 257 last month and will test two targets in the central portion of Vermilion 257; a moderate risk target of 4-13 Bcf potential and a high risk target with larger reserve potential.

If the drilling is successful, a small deck with test facilities will be installed on the jacket, with a gas pipeline to the existing Vermilion 258 platform, which has condensate and water separation facilities with sufficient capacity to handle production from Vermilion 257.

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