Petsec Set to Begin Mobile Bay Drilling Program

Medusa Field, Habanero Field, Mobile Bay
(Click to Enlarge)
Petsec Energy says a drilling rig is expected to arrive at Mobile Bay late this week to commence a 2 to 3 well drilling program.

The drilling will be conducted on the Mobile Bay 950, 951 and 873 leases which are located in the Gulf of Mexico, approximately 160 kilometers east of New Orleans.

The Operator of the drilling will be joint venture participant Royal Exploration Company, Inc.

Petsec's working interest in the leases is 50% before payout (40% after payout), and net revenue interest is 39.42% before payout (30.53% after payout).

The wells will target a total of 6-10 bcfe of gas net to Petsec (after payout) with an estimated drilling time of 12-15 days for each well. If the program is successful, it is expected that the wells could be brought into production as early as four months from the completion of the drilling program.

These will be the first wells drilled on the portfolio of 33 leases acquired in August, which have unrisked mapped targets of 157 Bcfe of gas and 28 million barrels of oil.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
CDL Class A Driver
Expertise: Motorman|Truck / HGV Driver
Location: Midland, TX
Rig Mechanic Senior
Expertise: Rig Mechanic|Rig Welder
Location: Beggs, OK
Plug and Abandonment Rigger-Offshore
Expertise: Rig Instrument Tech
Location: Houma, LA
search for more jobs

Brent Crude Oil : $50.75/BBL 0.09%
Light Crude Oil : $47.73/BBL 0.50%
Natural Gas : $3.05/MMBtu 0.97%
Updated in last 24 hours