Petsecs income stream will be doubled once production begin's. It looks like more drilling in Vermillion 258 to come.
I can feel a further announcement coming on. Can't you Graham58
**** 19 January, 2004 PETSEC STRIKES MORE GULF OF MEXICO GAS WITH SECOND VERMILION WELL Sydney, Australia: Petsec Energy Ltd (ASX: PSA; OTCBB: PSJEY.PK)
reported today that its Vermilion 258 No 2 well in the Gulf of Mexico has reached total depth and encountered three hydrocarbon bearing sands with an estimated 13 metres (42 feet) of net gas pay. The No 2 well follows the successful Vermilion 258 No 1 well which was drilled recently from the same location and encountered six hydrocarbon bearing sands with an estimated 24 to 29 metres (78 to 95 feet) of net gas pay.
Petsec said production casing would now be set prior to suspending the No 2 well for future production. Earlier this month, Petsec announced the development go-ahead for the Vermilion 258 gas field which is located 114 kilometres (70 miles) south of Vermilion Parish, offshore Louisiana, in the Gulf of Mexico.
We expect production from the Vermillion 258 lease to commence mid-year following the US$7.8 million installation of a platform and pipeline capable of handling up to 45 million cubic feet of gas per day,
Petsec’s Executive Chairman, Mr Terry Fern, said today. "With the success of this second well, initial production is expected to be in the order of 15 to 25 million cubic feet of gas per day," Mr Fern said. "The new production facilities will be capable of being easily modified to accommodate increased production from any further success with additional wells scheduled for drilling during 2004."
Details of the well are as follows: Well Name: Vermilion 258 #2 Well Location: 114 kilometres (70 miles) south of Cameron Parish Offshore Louisiana in the Gulf of Mexico. Spud Date: 5 January 2004 Water Depth: 42 metres (138 feet) Total Depth: 2,385 metres (7,822 feet) MD
PSA Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
