Petsec Granted MMS' Approval for 2 GOM Leases

The US Minerals Management Services has announced the award to Petsec Energy of the North Padre 929 and North Padre 934 leases in the Gulf of Mexico, USA. This follows the Company’s bids for these leases at the Western Gulf of Mexico Lease Sale 207 in August.

Each of the blocks have an area of approximately 23.3 square kilometers (5,760 acres) and are awarded for a five year exploration term. Petsec has a 100% working interest and a 77.92% net revenue interest in the leases.