Spudded three weeks ago, the CL&F 28-1 well on the Acapulco prospect had this morning reached a depth of 2974 metres, the Sydney-based company said.

Drilling will continue to a total measured depth of 4378m.

The prospects are located about 110 kilometres southwest of New Orleans in Terrebonne Parish, Louisiana.

Petsec holds a non-operating 23.53% working interest and 13.25% net revenue interest in the project.