Petsec Says Eugene Island Well Non-Commercial

The Eugene Island 310#1 well has reached total depth and intersected 10 feet of net gas pay which was insufficient to support an economic development in this location. The well will be plugged abandoned and the rig will be released. The well was drilled to total measured depth of 9,330 feet in 220 feet of water.

Royal Exploration is the operator of the well and Petsec holds a 50% working interest.

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