Petsec lands another GoM lease

PETSEC Energy has won its second Gulf of Mexico permit in less than a week, after the US Department of Interior’s Minerals Management Service (MMS) awarded the company the Main Pass 91 lease, which neighbours its existing leases in the region.
Petsec lands another GoM lease Petsec lands another GoM lease Petsec lands another GoM lease Petsec lands another GoM lease Petsec lands another GoM lease

Main Pass 91, which covers 2923 acres, is located in about 30 feet (9.1m) of water and is north of the company’s existing Main Pass 19 and 18 leases, where it discovered 15-18 billion cubic feet of gas and 1.1 million barrels of oil earlier this year.

The new lease also adjoins the Main Pass 7 lease, which the MMS awarded to Petsec last week.

Petsec has a 100% working interest and an 83.33% net revenue interest in both leases, which have a five-year exploration term.

Main Pass 91 is an old Mobil lease, which has produced more than 180 bcf of gas to date. Petsec held the lease in the mid 1990s and discovered about 30 bcf of gas before selling it in 2000.

The company said the lease has multiple sand targets and is prospective for gas with most zones defined by seismic anomalies typical of the Main Pass area. An existing gas sales pipeline runs through the nearby Main Pass 6 lease.

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