Petsec announced last September that it had agreed to earn a 25% working interest (17.5% net revenue interest) in a 1000 acre tract of land, onshore Louisiana, by participating in the drilling of three wells in three separate fault blocks.
Commercial confidentiality at the time did not allow the company to locate the area nor state the operator. The project area is in the Price Lake Field, Cameron Parish, south-west of the town of Lafayette. The operator is Erskine Energy LLC.
The first well, the Sturlese-3 side track, intersected two gas sands in January 2005 and was completed for production.
Estimated gross recoverable gas at the time was about 2 bcf. The lower sand was brought into production in mid March at an initial rate of 2.7 million cubic feet of gas per day. Production has been declining which indicates a restricted reservoir and significantly less recoverable gas than initially estimated. The upper sand may also be similarly affected.
The second well, Sturlese-4, is currently being completed for production and is expected to be onstream by the end of April. The well intersected two gas sands which from this location an estimated gross 2 bcf of gas could be recovered. There remains up dip potential of a further estimated gross 3 bcf , which could require an additional well to produce.
A third well is expected to spud in May. The well will target gas sands of some 1.5 bcf gross potential.
