The blocks in question were Blocks 244 and 259 in the Vermilion Area and Block 19 in the Main Pass Area.

The total cost for the Sydney-based company was a cool US$1,331,475. Petsec Energy was the highest bidder on the three leases and they should be awarded once approval from the US Mineral Management Service (MMS) is given.

In a press statement to the media, Petsec said, "Subject to being awarded by the MMS the new leases will be considered when planning further drilling on the Vermilion project later this year."

Petsec's Executive Chairman Terry Fern was understandably pleased with the successful bid and it meant for Petsec. According to Fern, "When awarded, the new leases will be significant additions to the company's prospect inventory for expanding its Gulf of Mexico operations where it has interests in 11 other leases."

The three leases are in the shallow waters off the coast of Louisiana, USA. Petsec had bid for four leases at the OCS Lease Sale 190 conducted by MMS in New Orleans on 17 March.