Petsec Makes Second Gas Discovery at Mobile Bay

Petsec Energy reports that the Mobile Bay 950 #1 well has reached target depth and discovered gas.

Petsec said the Mobile Bay 950 #1 well had encountered 10.3 meters (34 feet) of net gas pay in two sands, meeting pre-drill expectations. The well has been cased, and will be completed for production together with installation of a caisson which will support production facilities.

This discovery follows the successful well on the adjacent block, Mobile Bay 951#1 announced on October 24th which discovered 5.5 meters (18 feet of gas) of net gas pay. The 951#1 well will be completed and a caisson installed, after the conclusion of work on the 950#1 well.

Following the success of the first two wells, a third well will now be drilled at Mobile Bay 873. The third well will be spud after the first two wells are completed and caissons set, which is expected to take a 3-4 weeks.

It is expected that the wells can be brought into production within four months from the completion of the three well drilling program.

This is the second successful well to be drilled on the portfolio of 33 leases acquired by Petsec in August, which has unrisked targets of 157 Bcfe of gas and 28 million barrels of oil net to the company.

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