Petsec Successful with Onshore Louisiana Well

The first well in Petsec Energy's onshore Louisiana drilling program has intersected two gas sands and will be completed for production. Operations to complete the well are expected to take several weeks, following which it will be connected into a nearby transportation pipeline. Petsec holds a net revenue interest of 17.5%.

The second well of the program is drilling ahead and is expected to reach total depth in late February 2005.