Petsec Awarded Two Gulf of Mexico Blocks

The Minerals Management Service has awarded Petsec Energy the Main Pass 18 and Main Pass 103 leases in the Gulf of Mexico.

The leases were previously held by Mobil and have produced a combined 2.5 million barrels of oil and 100 billion cubic feet of gas.

Petsec will have a 100% working interest and an 83.33% net revenue interest (after government royalties) in each lease.

The leases are adjacent and to the north of Petsec Energy's Main Pass 19 lease where the first two wells in the current three well drilling program have each discovered seven gas sands. Development of these discoveries has commenced and commercial production is expected to begin early in the fourth quarter of 2005.

The acquisition of these two leases gives Petsec Energy three contiguous blocks and the opportunity for operational efficiencies in the Main Pass area.

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