Petsec's Main Pass 19 Oil Storage Facilities Come Online

Petsec Energy announced that it has successfully installed a 3,000 barrel oil storage tank adjacent to the Main Pass 19 platform in the Gulf of Mexico. Two Main Pass 19 wells and the Main Pass 18 No. 6 well are currently producing gas and flowing approximately 150 barrels of oil per day into the storage tank. Petsec is currently recompleting three additional Main Pass 19 wells; recompletion operations should be complete in 7 to 10 days. 

Petsec installed the oil storage tank to accommodate the higher than expected oil production rates from its Main Pass 18 & 19 fields. The 3,000 barrel tank will allow Petsec to increase production rates in the two fields and not suffer frequent shut-ins due to lack of oil storage.
 
Petsec owns a 55% working interest (45.83% NRI) in the Main Pass 19 wells and a 100% working interest (88.33% NRI) in the Main Pass 18 no. 6 well.
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