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Petsec Energy announces discovery off China

Offshore

Offshore staff

Successful production tests have been conducted at Wei-6-12S-1 offshore China in Block 22/12 of Beibu Gulf according to Petsec Energy Ltd. Oil from three separate test zones reached a collective stabilized flow rate of 5,750 b/d.

The next appraisal phase will be a sidetrack hole close to the original discovery well in an attempt to core and further delineate the reservoirs. This sidetrack is expected to commence this week.

Testing was from the Lower Sand Package, 2,435 m to 2,447 m; Middle Sand Package, 2,201 m to 2,216 m and 2,228 m to 2241 m; and the Upper Sand Package, 2,054 m to 2,070 m. All are below rotary table depths.

The Block 22/12 Joint Venture comprises Roc Oil (China) Co., Operator Horizon Oil Ltd., Petsec Energy Ltd., and Oil Australia Pty Ltd.

6-13-06