Petsec Logs Pay with Vermilion 258 #1 Well

Petsec Energy reports that its Vermilion 258 #1 well has to date encountered hydrocarbon bearing sands having a total of 13 to 15 meters (43 to 50 feet) of net gas pay. The well is drilling ahead to the planned total depth of 3,488 meters (11,442 feet), to test the remaining target sand, shown to contain hydrocarbons by a well drilled in 1988 by a former lease holder. It is anticipated that total depth will be reached by the end of December.

As a result of the positive results of the well to date, Petsec will drill the Vermilion 258 #2 well following the #1 well. The Vermilion 258 #2 well will test five sands with unrisked mapped potential of 12.5 billion cubic feet of gas net to Petsec.

The Vermilion 258 #1 well is located 65 miles south of Cameron Parish, Louisiana in 138 feet of water. The well was drilled by Transocean's jackup, RBF 251. Petsec has a 100% working interest in the well.