Petsec Begins Production at Main Pass 19

Petsec Energy has commenced production at the Main Pass 19 gas field in the Gulf of Mexico, USA from the three wells drilled in mid 2005. Initial production rates have been held at 15.5 million cubic feet of gas per day, of which 7.1 million cubic feet of gas per day is net to Petsec Energy. As each well is monitored and tested, rates will be adjusted to optimize performance.

The current four-well drilling program from the Main Pass 19 platform is continuing with the second well expected to reach total depth early next week. This follows Petsec Energy's announcement late in December that the first well of the new program had resulted in a commercial gas discovery.

Petsec Energy Ltd is an independent oil and gas exploration and production company listed on the Australian Stock Exchange. Its focus of operations is on gas in the shallow waters of the Gulf of Mexico and onshore Louisiana Gulf Coast region of the USA, and on oil in the shallow waters of the Beibu Gulf off the south coast of China.

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