The two-to-three well program, to be undertaken by operator Royal Exploration, is targeting 6-10 billion cubic feet (Bcf) of gas net to Petsec.
Each well is expected to take 12-15 days to drill. If successful, the wells could be brought into production four months after the drilling program is completed.
The wells are being drilled on the Mobile Bay 950, 951 and 873 leases, located about 160km east of New Orleans.
Petsec said these will be the first wells drilled on its portfolio of 33 leases, acquired in August. The leases have unrisked mapped targets of 157Bcf equivalent of gas and 28 million barrels of oil.
Petsec holds a half-stake in the leases before payout (40% after payout), while its net revenue interest is 39.42% before payout (30.53% after payout).
