Petsec Spuds Hollywood Prospect

Petsec Energy has commenced its three well drilling program in the Hollywood AVO Trend Prospects with the spudding of the CL&F #28-1 well (Acapulco Prospect).

The Hollywood AVO Trend Prospects are located approximately 110 kilometers (70 miles) southwest of New Orleans in Terrebonne Parish, Louisiana. Petsec is a non-operator in the three well program that will target gross reserves of 58 bcf of gas and 1.75 million barrels of oil.

It is estimated that it will take 45 days to drill the CL&F #28-1 well. The proposed total depth of the well is 14,360 feet measured depth and 13,290 fee true vertical depth. Petsec has a 23.53% working interest in the well.

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