those onshore louisiana wells..

Tried to get some informatin out of Petsec last week about those three onshore Louisiana wells it is involved in.

Company would not even divulge the names of the other parties in the joint venture. Again commercial in confidence. I did learn that PSA has farmed in on a 1 for 1 basis so it is not paying a premium to be involved.

A couple of weeks ago I was told the costs for the three wells to Petsec would be $2.5 -$3.0 million which I assumed was a US dollar figure as I was talking to the US office.

So lets say Petsec is paying US $3 million for 20% of three wells, so that's what, $US$15 million for all three or US$5 million each. If that is true then these are very expensive wells for an onshore operation. I don't think FAR's Lake Long well is that much more expensive.

That suggest they may be looking for some big but deep targets. So maybe these are not your average small layered GOM sands after all.

All PURE SPECULATION on my part, I know nothing, but wouldn't it be nice if PSA gave us a surprise on the positive side for once!!


In the US the land owner not the government owns the mineral rights to the land they own so explorers have to negotiate deals with farmers etc. That's apparently why they don't want to give the game away in case the smart farmers ask a higher price. Well that's what they tell me.

All this secrecy has got me quite excited!!!!!