Petsec Energy owns existing production facilities in the area which, depending on the size of the discovery, may be used to develop new discoveries. The well is expected to take up to 60 days to drill to a total depth of 4,025mt and evaluate results.
The Main Pass 20 #4 well is targeting natural gas and associated oil potential in Upper Miocene Bigenerina Humblei sandstone reservoirs, which are in a structurally superior position to zones previously proven productive in the Main Pass 20 #1 well drilled by Devon Energy in 2001. The objective section is characterized by a lens-shaped, high amplitude seismic anomaly of up to 150mt in thickness, which was identified by Petsec Energy from its reprocessed 3D seismic database.
Petsec Energy has farmed out part of its interest and retains a 30% working interest so that its dry hole exposure is expected to be less than $2.5m. Petsec Energy joint venture partners in the well are private corporations, who have experience in exploring in the Gulf of Mexico.
This is the first well in Petsec Energy’s 2010 drilling program in the Gulf of Mexico, and the first well drilled by the company in almost two years while it waited for the return of a more reasonable cost regime. In the surrounding acreage, Petsec Energy holds a portfolio of prospects with similar attributes, which may be drilled if the Main Pass 20 #4 well confirms the commercial potential of the play.
