Petsec Reports Skywagon Duster

Petsec Energy Ltd. has completed drilling operations in the Bowie Lumber Associates #1 well that tested the Skywagon prospect onshore Louisiana.

The well encountered 27 feet of sand in the upper and lower members of the Echols, with mud log gas shows throughout both members. The lower member of the Echols proved tight. Although the upper member was a gas bearing sand capable of production, the volume of gas was insufficient to support a completion.

Sonic logs were run in the hole to allow recalibration of 3D seismic providing valuable information in the understanding of the seismic response in this area. The 3D seismic will now be reprocessed in order to better define areas of productive rock in this prospect area before further drilling is undertaken. This reprocessing is expected to take up to 3 months.

The well will be temporarily plugged and abandoned to allow future side track of the well to nearby prospects should the reprocessed seismic indicate areas of productive sands.

The rig will be released and the proposed well on the adjoining prospect, Commander, will be delayed until the reprocessing has been completed.

Further drilling in other areas of the Moonshine Project is anticipated in the 3rd quarter of 2007.

Details of the well are as follows:

  • Well name: Bowie Lumber Associates No. 001
  • Proposed total depth: 3,787 meters (12,422 feet) measured and 3,670 meters (12,038) feet vertical depth
  • Operator: Petsec Energy Inc.
  • Petsec working interest: 44.42%
  • Petsec net revenue interest: 36.0%

Petsec Energy Ltd is an independent oil and gas exploration and production company listed on the Australian Stock Exchange. Its focus of operations is on gas in the shallow waters of the Gulf of Mexico and onshore Louisiana Gulf Coast region of the USA, and on oil in the shallow waters of the Beibu Gulf off the south coast of China.