Petsec Begins Production from Three New Main Pass 19 Wells

Petsec Energy says production has now commenced from the G-4, G-5 and G-7 wells at Main Pass 19 in the Gulf of Mexico.

These wells were part of a four well drilling program undertaken at Main Pass 19/18, from the Main Pass 19 platform between December 2005 and March 2006. All four wells were successful and discovered 15-18 billion cubic feet of gas and 1.1 million barrels of oil, net to Petsec.

The three new wells are currently flowing at a total rate of approximately 15 million cubic feet (MMcf) per day which is equivalent to 7,000 MMcf/day net to Petsec (45.84% net revenue interest).

The Main Pass 18 G-6 well (Petsec 100%), which discovered a net 7.5 Bcf of gas and 1.1 million barrels of oil, has not yet been brought into production pending settlement of a dispute of access to the Main Pass 19 platform with Petsec Energy's joint venture partner.

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