The Sydney-based company said earlier this month that its Mobile Bay 950-1 well met pre-drill expectations after encountering 10.3m of net gas pay in two sands. Located in 20m of water, the well was drilled to a total depth of 991m.
It followed a successful discovery on the adjacent block, Mobile 951-1, which encountered 5.5m of net gas pay.
Petsec said the rig is now moving close to Mobile Bay 873 to drill a similar style prospect.
Mobile Bay 873 is expected to spud early next week and test a target with reserve potential of 5-10 billion cubic feet of gas. Drilling is expected to take about 12 days.
Petsec owns a 50% working interest (40% net before payout) in the lease.
The company expects that it will take up to four months after the drilling program is completed to bring successful wells onto production.
Petsec holds a 50% working interest (39.42% revenue interest) in the Mobile Bay 950-1 well, while Royal Exploration is operator.
