Petsec Begins Deepening Well in Louisiana

Petsec Energy Ltd has commenced deepening the CL&F#30-1 well that was drilled and temporarily plugged in September, 2007. Approximately 485 meters (1,600 feet) of the well will be redrilled by the Hercules 48 drilling rig and then deepened a further 151 meters (500 feet), reaching a measured depth of 4,145 meters (13,680 feet), to test the target sand. The original CL&F#30-1 well was drilled to a measured depth of 3,989 meters (13,163 feet), but due to deteriorating hole conditions the well could not reach the proposed total depth of 4,121 meters (13,600 feet). The well was temporarily abandoned and the rig released to allow further assessment.

Petsec owns a 95% working interest, 62.94% NRI, in the well which will test gross reserves of 20 to 25 Bcfe; 12.5 to 16 Bcfe net to Petsec.

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