The new well – located 128km south-east of New Orleans – is the first in a program of two to three wells to be drilled from the same location to test mapped potential of about 12 billion cubic feet to 15 billion cubic feet equivalent of natural gas (net to Petsec).
An existing platform and jacket have been acquired and a sales pipeline lies close to the drilling location, allowing commercial discoveries to be brought into production within a few months, according to Petsec.
Main Pass 19-1 is being drilled in water 12 metres deep. The estimated time to reach total depth of 2355 metres is 15 days. Petsec is the operator and has a working interest of 55% and a net revenue interest of 45.83%.
Drilling of Main Pass 19-1 follows last month's announcement that Petsec had set its 2005 exploration and development budget at A$32m (US$25m).
The budget – which includes a more active exploration component – allows for the drilling and development of seven wells in the USA and China, a 94 square mile 3D seismic survey onshore US, and a feasibility study and oil development plan for the 12.8 West oil field in China.
