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The Sydney-based company today said its Mobile Bay 873-1 well spudded yesterday and is drilling ahead at a depth of 395m (1300ft). It is expected to reach target depth in seven to nine days.
The drilling program is being conducted on the Mobile Bay 950, 951 and 873 leases, about 160km east of New Orleans. It will target a total of 6-10 billion cubic feet equivalent of gas net to Petsec after payout, it said.
The two previous wells at Mobile Bay 951 and 950 both discovered gas and are expected to be brought into production during the first quarter of 2007.
Petsec owns a 50% working interest (40% net before payout) in the lease.
The company expects that it will take up to four months after the drilling program is completed to bring successful wells onto production.
Petsec holds a 50% working interest (39.42% revenue interest) in the Mobile Bay 873-1 well, while Royal Exploration is operator.
