Petsec to double number of wells in Gulf of Mexico

Petsec Energy Ltd will expand its Gulf of Mexico operations by drilling two exploration wells on its West Cameron leases, from the West Cameron "A" platform.
Petsec to double number of wells in Gulf of Mexico Petsec to double number of wells in Gulf of Mexico Petsec to double number of wells in Gulf of Mexico Petsec to double number of wells in Gulf of Mexico Petsec to double number of wells in Gulf of Mexico

The company has already had some success from the 'A' platform with the #A-17 well intersecting three hydrocarbon bearing sands with a total of 18m net gas pay, and #A-18 intersecting four hydrocarbon bearing sands with a total of 41m of net gas pay.

Petsec earned the working interest in certain West Cameron 352 exploration rights by meeting the first US$1.25 million of costs to drill a well on the lease.

The earning well, West Cameron 352 NoA-13 well, intersected three hydrocarbon-bearing sands with a total of 23 metres of net gas pay.

Petsec immediately upgraded the "A" platform and production from the West Cameron 352 #A-13, West Cameron 343 #A-17, and #A-18 wells commenced on 23 January.

Production to the end of march totalled 1.7 billion cubic feet of gas equivalent of which Petsec's share (net of royalties) was 1.4 bcf of gas equivalent generating revenues of $US9.6 million.

The company has also proposed a two-well program for its Vermillion 258 lease to test targets including an estimated 8 bcf of undeveloped gas discovered in 1988. This follows on from its success as the highest bidder on the Vermillion 246 and 257 leases in the March 2003 lease sales.

Petsec's annual general meeting will be held at 11 am on Tuesday 13 May 2003 at the ASX auditorium, Exchange Centre, 20 Bridge Street, Sydney.

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