Petsec Logs Gas Pay at Viosca Knoll 26

Petsec Energy says that the Viosca Knoll 26 #1 well has reached target depth and discovered gas. The well is Petsec's fifth successive discovery in the Mobile Bay region within the last six months.

The Viosca Knoll 26 #1 well reached total depth on March 15, 2007 and encountered 6.1 meters (20 feet) of net gas pay which is consistent with pre-drill estimates. The well will be cased for production and within a week the rig will commence drilling of the Mobile Bay 994#1 well from the same location.

It is expected that this well can be brought into production in the third quarter of this year

The two well program is targeting 3-5 Bcfe of gas net to Petsec Energy (after payout).

In the USA, Petsec Energy has a portfolio of 51 leases in the Gulf of Mexico, and the Moonshine Project onshore Louisiana with 3D seismic mapped prospects of 290 Bcf of gas and 30 million barrels of oil (net to Petsec).

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