Petsec Drills Third Successful Well at Main Pass 19

Petsec Energy announced a third commercial gas discovery, from the third well in its current four-well drilling program at Main Pass 19.

Petsec Energy said the Main Pass 19 G-5 well had reached total depth on February 3, 2006 and encountered 5 productive sands with an estimated 14 meters (45 feet) of net gas pay. This was a good result with pre-drill targets for the well being met.

The G-5 well will be completed for production after the drilling of the next well (the G-6) which is expected to spud within a week.

This is the third successful well in a program of four wells to be drilled from the Company's recently installed Main Pass 19 platform – located 128 kilometers (80 miles) south east of New Orleans, which will test total mapped potential of approximately 15 to 18 billion cubic feet equivalent (Bcfe) of gas net to Petsec Energy.

After setting production casing, the rig will be preparing to drill the Main Pass 19 G-6 well.

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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