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re: psa 3rd well hits $$$gas PSA
7 June 2005
PETSEC ANNOUNCES THIRD DISCOVERY WELL
AT MAIN PASS 19
Petsec Energy Ltd (ASX, PSA; ADR’s, PSJEY.PK)
Petsec Energy limited today announced a gas discovery from the drilling of its third well
at Main Pass 19 in the Gulf of Mexico, USA.
Petsec said the Main Pass 19 #3 exploration well had reached total depth and intersected
two hydrocarbon bearing sands with an estimated 15 metres (50 feet) of net gas pay. The
well found the primary target to be gas bearing in addition to confirming the extent of a
sand that was previously penetrated by the Main Pass 19 #1 well.
“We are extremely pleased with the results of the drilling program at Main Pass 19 where
all three wells met our pre-drill expectations. Development of the field is now underway
and production is targeted to commence in the beginning of the fourth quarter 2005,”
Petsec Energy’s Executive Chairman Mr Terry Fern, said today.
The third well – located 128 kilometres (80 miles) south east of New Orleans – completes
the three well programme at Main Pass 19. The three wells were drilled from the same
location to test mapped potential of approximately 12 billion cubic feet to 15 billion cubic
feet equivalent of natural gas (net to Petsec).
Details of the well are as follows:
Well Name: Main Pass 19 #3
Spud Date: 27 May 2005
Water Depth: 12 metres (38 feet)
Total Depth: 2,997 metres (9,831 feet) Measured Depth
Operator: Petsec Energy Inc.
Petsec Working Interest: 55.00%
Petsec Net Revenue Interest: 45.83%


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