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Petsec starts new GoM drilling program

ASX-listed Petsec Energy has spudded the first of two wells at the companys Vermilion 257 lease i...

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Sydney-headquartered Petsec told the ASX today the Vermilion 257 well was being drilled from a platform that was set on the Vermilion 257 lease site last month. The well would test two targets in the central portion of the field -- a moderate risk target, with the potential to hold 4-13 billion cubic feet (bcf) of gas, and a high risk target, with larger reserve potential.

If the drilling was successful, a small deck with test facilities would be installed on the jacket, with a gas pipeline to the existing Vermilion 258 platform, which has condensate and water separation facilities with sufficient capacity to handle production from Vermilion 257.

Vermilion 257 adjoins and is immediately east of the company’s Vermilion 258 lease where Petsec drilled four successful wells and installed production facilities in 2004.

The well, which was being drilled in 42 metres of water, to a total proposed depth of 4294m, was expected to take about 21 days.

Petsec is operating the well, holding an 83.33% working interest in the program.

Petsec’s operational focus is on gas in the shallow waters of the Gulf of Mexico and onshore Louisiana Gulf Coast region, as well as on oil in the shallow waters of the Beibu Gulf off the south coast of China.

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