Petsec Spuds Triple Play Prospect

Petsec Energy has commenced drilling the CL&F #30-1 well (Triple Play Prospect), which is the second well in a three well drilling program at Terrebonne Parish, Louisiana, USA.

This well and the upcoming third well are targeting gross reserves of 52 Bcf of gas and 1.6 million barrels of oil, which is equivalent to 7.9 Bcfe net to Petsec Energy.

Details of the well are as follows:

Well Name: CL&F #30-1 (Triple Play Prospect)

Proposed Total Depth: 4,123 meters (13,606 feet) measured depth and 4,091 meters (13,500 feet) true vertical depth

Date of Commencement: 4 September 2007

Estimated Time to Drill: 45-55 days

Petsec working interest: 23.53% BCP, 20.00% ACP

Petsec net revenue interest: 13.25% before payout, 11.92% after payout

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.