The latest oil and gas discovery was made at the Main Pass 18 G-6 well, the last in a successful four-well drilling program at the company’s Main Pass 19 platform.

The G-6 well, drilled to a total depth of 13,018 feet (3969 m), discovered 7.5 billion cubic feet of natural gas net of royalties to Petsec in three sands and 1.1 million barrels of oil net to the company in two sands.

Petsec chairman Terry Fern said the new oil discovery was large enough to warrant a separate development at Main Pass 18.

“We are currently studying the most efficient way of undertaking this project in light of other oil exploration potential the company has in the immediate area,” he said.

“It is envisaged [the development] would involve drilling two to three development wells to produce the oil discovered and further drilling to target an additional 8-15 billion cubic feet of gas and the installation of a platform, production facilities and pipelines.”

Fern said the G-6 well was currently being completed as a gas-producing well from the Main Pass 19 platform and is expected to start producing within a month.

“Significantly, the results from the G-6 well have increased the potential for success of other prospects on the Main Pass 18 lease block and the adjacent Main Pass 103 block, also held by Petsec Energy,” he said.

“We plan further drilling at Main Pass 18/103 to commence during the September quarter of 2006, after the drilling of two to three wells at our Vermilion 257 block, also in the Gulf of Mexico in late May.”