Petsec Ramps Up GOM Gas Production

Petsec Energy Ltd.

Petsec Energy advised that net gas production from its Gulf of Mexico gas fields has increased to 27 million cubic feet of gas equivalent per day as of October 11, as fields which had been shut-in in August/September because of Hurricane Gustav and Hurricane Ike have been progressively brought back into production.

Three fields have not yet returned to production:

  • The Mobile Bay 950 field, where repairs are underway,
  • The Vermilion 258 field, which is expected to remain shut in until December due to downstream processing issues, and
  • The Main Pass 270 field which is expected to remain shut-in until December due to third party pipeline issues.

These three fields are expected to contribute in excess of 10 million cubic feet of gas per day when returned to production.

The next production update will be provided in the September quarterly report, to be released on October 23.