Petsec Extends Drilling Program at Mobile Bay

Petsec Energy reports that the Mobile Bay 951 #1 well has been completed for production, following the completion of the other two wells in this successful three well program at Mobile Bay 950, 951 and 873. Following the laying of pipelines it is expected that production should commence early in the second quarter of 2007.

The success of the three wells at Mobile Bay has encouraged the joint venture to drill up to three additional wells on the adjoining leases, Mobile Bay 993 and 994.

Mobile Bay 993 and 994 leases are located approximately 160 kilometers east of New Orleans and immediately South of the Mobile Bay 950 and 951 leases and will target a total of 5-7 bcfe of gas net to Petsec after payout.

The rig is on site at Mobile Bay 993 and the well is expected to spud before the end of the week.

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