Petsec to Develop Main Pass 19 Gas Discovery

Petsec Energy announced the development go-ahead for its new Main Pass 19 gas discovery in the Gulf of Mexico.

Petsec said development approval followed results from drilling of its Main Pass 19 #2 well, which reached total depth and encountered 7 hydrocarbon bearing sands with an estimated 37 meters (120 feet) of net gas pay. Both wells were drilled by Noble Drilling's submersible, Noble Lester Pettus.

The successful #2 well follows an earlier report that the first well (#1) in the three-well Main Pass 19 drilling program intersected 7 hydrocarbon bearing sands with an estimated 35 meters (115 feet ) of net gas pay.

"The first two wells in this program have met pre-drill expectations and development of the field will now commence," Petsec Energy's Executive Chairman, Mr. Terry Fern, said.

"The company has commenced refurbishment of the previously acquired platform and jacket and is targeting commencement of production in the beginning of the fourth quarter of 2005," Mr. Fern said.

The third well, in the program to test 12 to 15 billion cubic feet equivalent (Bcfe) of natural gas net to Petsec Energy, will spud following the setting of production casing in the #2 well.

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