Petsec Makes Gas Discovery at Mobile Bay



Petsec Energy reports that the Mobile Bay 951 #1 well has reached target depth and discovered gas.

Petsec said the Mobile Bay 951 #1 well had reached total depth on October 20 2006 and encountered 5.5 meters (18 feet) of net gas pay. The well is being cased and will be suspended for future completion and tie-in to production facilities.

The second well in the 3 well program will be drilled in the adjoining lease at Mobile Bay 950 and is expected to spud in 6-8 days, with a reserve target of 4-8 Bcfe.

The second well in the 3 well program will be drilled in the adjoining lease at Mobile Bay 950 and is expected to spud in 6-8 days, with a reserve target of 4-8 Bcfe.

It is expected that successful wells can be brought into production as early as four months from the completion of this drilling program.

This is the first well to be drilled on the portfolio of 33 leases acquired by Petsec in August, which has unrisked targets of 157 Bcfe of gas and 28 million barrels of oil net to the company.

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