Adelaide, Oct 17, 2006 (ABN Newswire) - Petsec Energy Limited (ASX: PSA)(PNK: PSJEY) today announced that the first well in a 2 to 3 well drilling programme at the company's Mobile Bay leases in the Gulf of Mexico, USA was spud on October 16, 2006.
The drilling programme is being conducted on the Mobile Bay 950, 951 and 873 leases which are located approximately 160 kilometres east of New Orleans and will target a total of 6-10 bcfe of gas net to Petsec (after payout).
Details of the well are as follows:-
Well Name: Mobile Bay 951 #1
Water Depth: 20 metres (67 feet)
Proposed Total
Depth: 930 metres (3,050 feet) measured depth
Estimated time
to drill: 8-10 days
Operator: Royal Exploration Company, Inc.
Petsec working
interest: 50% before payout (40% after payout)
Petsec net
revenue interest: 39.42% before payout, (30.53% after payout)
