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Petsec Energy commence drilling

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Oilfield Technology,

The well is being drilled as a vertical well to a proposed total depth of 12 000 feet to test a fault closure on the east flank of the Lake Charles Field. The well is expected to take approximately 40 days to reach this depth. The primary objective of the well is the Oligocene age Marg Tex sand, seen productive half a mile to the northeast of the Hebert location at the Amoco #1 Todd well. The Todd well produced gas and condensate from the objective Marg Tex interval at a peak flow rate of 10 million ft3 of gas per day and 500 bbls of condensate per day.

Petsec has a non-operating 37.5% working interest in the well before payout. After payout Petsec's working interest is reduced to 30%. The Company's share of upfront and drilling costs is estimated to be US$1.6 million. Completion and hook-up of the well is estimated to cost an additional US$600 000.

The Hebert #1 is the second well drilled as part of Petsec's return to conventional exploration in the onshore areas of Texas and Louisiana. Petsec's first well, the A.S.F. #4 well, was completed as a gas/condensate discovery in July of this year, and is currently producing at a rate of 10 million ft3 of gas a day and 65 bbls of condensate a day.

Petsec Energy's Chairman, Terry Fern, said, 'The Hebert #1 well is the first of five exploration wells that Petsec Energy plans to drill between now and mid-year 2015. Two wells are targeting oil and the other three wells gas/condensate, and all but one well will be drilled onshore South Louisiana.

This increased level of drilling activity is the result of the Company's decision to refocus its exploration programme on conventional oil and gas prospects in onshore areas along the Gulf Coast of the USA.

Adapted from press release by Joe Green

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