Petsec's Production Escapes Katrina's Wrath

Petsec Energy's two offshore oil and gas platforms in the Gulf of Mexico were not in the direct path of Hurricane Katrina. The Vermilion 258 platform is located approximately 200km to the west of Katrina's path as it approached New Orleans, while the West Cameron 343/352 platform is located further west toward the Texas border.

Vermilion 258 was shut-in on Friday to allow for 10 days of scheduled maintenance to the Stingray sales pipeline and for installation of compressors which will increase future flow rates from the Vermilion field. The platform was then de-manned ahead of Hurricane Katrina. Crews will be mobilized back to Vermilion 258 as soon as possible to check the platform ahead of resuming normal activities.

Regarding Petsec's new Main Pass 19 development, installation of the jacket and platform did not commence before the Hurricane passed. The jacket was loaded on to a barge last week ready for shipping to Main Pass, however was moved to Cameron, Louisiana to ride out the storm. Installation of the jacket will now commence as soon as conditions permit.

The only structure currently at Main Pass 19 is the caisson (through which the three wells were completed). This will be inspected as soon as possible, although we are not expecting the caisson to have been damaged despite Main Pass 19 (to the southeast of New Orleans) being much closer to the path of the Hurricane than Petsec's two operating platforms.

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