The Mobile Bay 951-1 well encountered 5.5m of net gas pay after reaching a total depth of 930m on the weekend, according to Petsec. The well is now being cased and suspended for future completion and tie-in to production facilities.

Expected to spud in the next six to eight days, the second well in the three-well program will be drilled in the adjoining lease at Mobile Bay 950, targeting 4-8 billion cubic feet of gas equivalent reserves.

Petsec said it expects successful wells can be brought into production within four months of completing this drilling program.

Mobile Bay 951-1 was also the first well to be drilled on the portfolio of 33 leases that Petsec acquired in August, which has unrisked targets of 157Bcfe of gas and 28 million barrels of oil net to the company.

Petsec holds a 50% working interest and 39.42% net revenue interest in Mobile Bay 951.