Petsec Begins Two Well Program at Eugene Island 310

Petsec Energy says that the Eugene Island 310 #1 well has spud. This is the first well of a two well program on the Eugene Island 310 lease, located in the Gulf of Mexico approximately 200 kilometers southwest of New Orleans and 72 kilometers from the Company's production facilities at Vermilion 258.

The two well program on Eugene Island 310 will test 3D seismic mapped targets of 8-10 billion cubic feet of gas equivalent (Bcfe) net to Petsec Energy.

This drilling immediately follows the highly successful six well Mobile Bay drilling program in the Gulf of Mexico where Petsec has discovered gas in all six exploration wells drilled, yielding a total of 18 Bcfe of gas net to the Company.