(MENAFN- ProactiveInvestors)
() is participating in the drilling of an exploration well at the West Crab Lake gas and condensate prospect in Cameron Parish Louisiana.
Ruth R. Bravanec et al #1 well is being drilled directionally to a depth of 12500 feet to test multiple
Lower Miocene age Marg (A) and Discorbis (B) sand reservoirs.
These are located in a fault closure syncline separated from production in the Marg (A) and Discorbis (B) interval at the Crab Lake Field.
Petsec has a 20% working interest in the well before payout. After payout its interest will be reduced to 15.5%.
Its share of upfront and drilling costs is estimated to be US$920000. Completion and hook-up of the well is estimated to cost an additional US$272000 net to Petsec.
The well is the first in the company’s 2015 exploration program and marks its return to conventional exploration focused onshore Gulf Coast of Texas and Louisiana.
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