Petsec Spuds Third Mobile Bay Well

Petsec Energy reports that the Mobile Bay 873 #1 well, the third well in the drilling program at the Company's Mobile Bay leases in the Gulf of Mexico was spud on November 20, 2006. The well is currently drilling ahead at a depth of 395 meters (1,300 ft) and is expected to reach target depth in 7-9 days.

The drilling program is being conducted on the Mobile Bay 950, 951 and 873 leases which are located approximately 160 kilometers east of New Orleans and will target a total of 6-10 bcfe of gas net to Petsec after payout.

The two previous wells at Mobile Bay 951 and 950 both discovered gas. Both wells are expected to be brought into production during the first quarter of 2007.

Participants in the well are Royal Exploration as operator with 50% and Petsec with the remaining 50%.

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