PetroQuest Cheers LA Gas Find

JGC announced that a large gas column has been discovered in the first exploratory well in Louisiana, USA, in which JGC holds an interest through its wholly-owned American subsidiary JGC Energy Development (USA) Inc. (JEDI). JGC joined in the exploration of the assets in November of 2010.

The well is located in a marsh area to the south of Vermilion Parish , Louisiana. The well was drilled to a total depth of 19,079 ft., with the gas column extending for 248 ft. in total.

Through JEDI, JGC hold an 9.5% share in the assets. The operator of the assets is PetroQuest Energy, Inc. (USA).

The well is scheduled to start gas production in early 2012. During the first quarter of 2012, a delineation well will be drilled to further investigate the extent of the gas reservoir.

This discovery of gas follows JGC's acquisition of an interest in the Eagle Ford shale oil assets in Texas and can be seen as a major step in the advancement of JGC's E&P business, which the company plans to further expand by increasing oil and gas assets in the future.