Petsec Makes Gas Discovery in Gulf of Mexico

Petsec Energy has drilled the West Cameron 343 #A-18 well to target depth and encountered four hydrocarbon-bearing sands with a total of 134 feet of net gas pay. The well is located approximately 50 miles south of Cameron, Louisiana.

Production casing is being set prior to the well being suspended for future completion. No reserve estimates are currently available however the well results are consistent with the pre-drill mapped potential of 8 billion cubic feet (gross) of natural gas.

This well was drilled from the West Cameron 352 ‘A’ production platform, to targets in the adjoining West Cameron 343 lease. Petsec is fabricating a skid mounted production facility which will be installed on the platform to upgrade its production capacity. Production from the West Cameron 352 #A-13, West Cameron 343 #A-17 and #A-18 wells is expected to commence in January 2003 from the upgraded platform.