Petsec said the Main Pass 19-3 exploration well had reached total depth and intersected two hydrocarbon-bearing sands with an estimated 15 metres of net gas pay.

The well found the primary target to be gas-bearing and confirming the extent of a sand that had been previously penetrated by the Main Pass 19-1 well, said Petsec executive chairman Terry Fern.

“We are extremely pleased with the results of the drilling program at Main Pass 19 where all three wells met our pre-drill expectations,” Fern said.

"Development of the field is now underway and production is targeted to commence in the beginning of the fourth quarter 2005.”

The third well – located 128 kilometres south-east of New Orleans in 12 metres of water - completes the three-well programme at Main Pass 19.

The three wells were drilled from the same location to test mapped potential of about 26 billion cubic feet to 32.7 billion cubic feet equivalent of natural gas (12 to 15 billion net to Petsec).

Petsec has a 55% working interest in the project and a 45.83% net revenue interest.