Petsec Tests George Dickel Prospect for Positive Results

Petsec Energy announced that the Virginia Geason #1 well to test the George Dickel prospect has been drilled to a true vertical depth of 11,443 feet or 3,489 metres and logged 21 net feet of pay in the target Echols sand. The well has been cased and suspended for future completion.

Because sidewall cores could not be retrieved from the well bore, Petsec will conduct further testing of the pay interval to determine whether any of the productive interval is oil. The rig used to drill the Virginia Geason #1 well is being disassembled and released to be replaced with a more efficient completion rig that will test the pay zone prior to completing the well.