Petsec to Begin Production from Main Pass 18 Earlier than Expected

Petsec Energy reports that gas production will commence earlier than expected from the Company's Main Pass 18 field in the Gulf of Mexico.

This follows an agreement with Petsec Energy's joint venture partner in the adjacent Main Pass 19 lease, to use the Main Pass 19 gas field platform and facilities to produce the Main Pass 18 G-6 well.

"This agreement provides a timely boost to our 2007 production as we expect to bring the Main Pass 18 field into production within the next few weeks," Petsec's Chairman, Terry Fern, said today.

Petsec Energy's Main Pass 18 G-6 discovery well was drilled in March 2006 from a caisson next to the Main Pass 19 platform. The well discovered some 7 Bcf of gas net to Petsec Energy.

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