Adelaide, Oct 17, 2006 AEST (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 depthEstimated time to drill: 8-10 daysOperator: 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)
Contact
Kevin Skinner
Senior Consultant
FIELD PUBLIC RELATIONS
231 South Road
MILE END SA 5031
Tel: (08) 8234 9555
Fax: (08) 8234 9566
Mob: 0414 822 631
kevin@fieldpr.com.au
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