For personal use only

PETSEC ENERGY LTD
ACN 000 602 700
For personal use only
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30 January 2015
Petsec Energy Announces the Result of the West Crab Lake
Exploration Prospect – Onshore Louisiana, USA.
Ruth R. Bravanec, et al # 1 Well Reaches Target Depth
Petsec Energy Ltd (ASX: PSA / OTC ADR: PSJEY)
Petsec Energy (the “Company”) advised today that the Ruth R. Bravanec, et al #1 well (“Bravanec, et al #1 well”),
which spud on 7 January 2015 to test the West Crab Lake Prospect in Cameron Parish, onshore Louisiana, has
reached the planned true vertical depth of 12,500 feet (12,911 feet measured depth) and has been logged and
evaluated.
The directional well was drilled to test multiple Lower Miocene age Marg (A) and Discorbis (B) sand reservoirs in
a fault closure syncline separated from production in the Marg (A) and Discorbis (B) interval at the Crab Lake
Field. The well intersected the target reservoirs as anticipated, but only a few thin zones were hydrocarbon bearing.
These zones were too small to warrant completion and development, consequently the well will be plugged and
abandoned. The estimated cost of the well net to the Company, is approximately US$0.7 million – which is
US$0.22 million less than initial estimates.
Petsec Energy’s Chairman, Mr Terry Fern, commented:
The Bravanec, et al #1 well was the second well drilled in the 2015 USA exploration programme of 5 wells
expected to be spud before mid - year 2015. This exploration programme will test prospects which range from 10
Bcfe to 66 Bcfe gross (2.4 to 6.7 Bcfe net). The two wells drilled to-date represent the smaller sized prospects of the
programme.
The remaining prospects are economically robust at current oil and gas prices and are expected to be drilled/spud
by mid-year.
The next well is anticipated to spud in late first quarter to early second quarter.”
Participating working interests in the well are:
Petsec Exploration and Production L.LC.
LLOLA, L.L.C. (with LLOX as Operator)
Private Companies
20%
40%
40%
Details of the well:
Well name:
Type of well:
Location of well:
Final TD:
Operator:
Petsec working interest:
Petsec net revenue interest:
Estimated net drilling cost
Ruth R. Bravanec, et al #1
Exploratory
Cameron Parish, Louisiana
12,500’ TVD (12,911’MD)
LLOX
20% BPO/15.5% APO
15.5% BPO/11.16% APO
US$0.7 million
For further information, please contact:
Mr. Paul Gahdmar
Company Secretary & Group Financial Controller
Petsec Energy Ltd
Level 13, 1 Alfred Street
Sydney NSW 2000
Tel: 612 9247 4605 Fax: 612 9251 2410
Mr. Ross A. Keogh
President & Group Chief Financial Officer
Petsec Energy Inc.
1201 Louisiana, Suite 520
Houston, Texas 77002, USA
Tel: (713) 457-5800 Fax: (713) 457-5838
Petsec Energy Ltd is an independent oil and gas exploration and production company listed on the Australian Stock
Exchange. It has operations in the shallow waters of the Gulf of Mexico and state waters of the Louisiana Gulf Coast
region of the USA, and exploration activities in the Gulf Coast onshore and bay areas of Texas and Louisiana, USA, and
Yemen.
Level 13, Gold Fields House, 1 Alfred Street, Sydney NSW 2000, Australia
PO Box R204, Royal Exchange NSW 1225, Australia
Telephone (61 2) 9247 4605 Facsimile (61 2) 9251 2410
Company information is available on: www.petsec.com.au