Hi miningnut. The following is taken from Petsec’s 1997 report:
Main Pass 104 Net Revenue Interest 80.33%
“Petsec acquired the Main Pass lease at the 1993 OCS Louisiana Lease Sale. The lease is 8 kms from our Main Pass 7 production facilities in 12 metres (40feet) of water.
In 1997 three wells were drilled on the Mian Pass 104 lease of which two were successful and completed for production.
Main Pass #1 interesected a total of 9 metrres (28 feet) of net gas pay in two sands. Main pass 104 #2 drilled from the same surface locationas the #1 well intersected a total of 23 metres (75feet) of net gas and oil play in seven sands.
Production from the #1 and #2 wells commenced in February 1998 after a production platform was installed and a pipeline was connected to the trunkline.
Main Pass 104 #3 was plugged and abandoned after intersecting only thin non commercial gas zones (but remember the price of gas at that time was $2.35 cents per mcf)
In the March 1998 OCS Louisiana Lease Sale Petsec was the high bidder on the adjoining Main Pass 105 lease”
I looked at the 1998 report but that was the year Petsec’s fortunes nosedived and they do not indicate production from individual leases or wells as they had been done previously.
I might say though that in the those glory days prior to 1998 Petsec was very active in the Main Pass area with producing wells in the following leases 6,7,91, 84 and later in 105. My leasing maps show all these leases to be in roughly the same area as Main Pass 19 so Petsec obviously knows the region well.
Just one other point, Petsec and its partner Triangle Oil and Gas paid US $1,273,000 for this main pass 19 lease which compares to an average payment of just $230,000 for the Vermilion leases (though I can’t find out what they paid for Vermilion 258 as that was acquired back in the 90’s). What I guess this shows is the prospectivity of the Main Pass 19 lease is quite high.
PSA Price at posting:
0.0¢ Sentiment: None Disclosure: Held
