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HummerProspectUnitedStatesofAmerica,NorthAmerica

CastexOffshoreregainsGulfofMexicoblock

ProjectProfile
Value:unknown
Location:50milessoutheastofVenice,Louisiana
Area:Unknown
Reserves:Unknown
Production:Unknown
Depth:65metres
StartupYear:

TheHummerProjectislocatedinMainPassBlock270,intheGulfofMexico.Waterdepthattheprospectlocationisapproximately65metres.Explorationattheprospectis
currentlyactivewithJackuprigsbeingallocatedtocertainwellsin2015andscheduledforworkin2016.TheOperatoroftheprospectisCastexOffshore,althoughthe
companyhasnotissueditsexactinterestfigures.PetsecEnergyhasa12.5%interestintheprojectandtheremainderisheldbyprivatecompanies.

Operators:

CastexEnergy:Operatorwithunknowninterest

PetsecEnergy:12.5%interest

Contractors:

Subcontractors:

ProjectInformation

May16,2016

Castex Offshore, U.S. based Oil Company, has been reawarded the Main Pass Block 274 lease offshore Louisiana. Castexs partner in the Hummer
development, the latest lease award falls within anArea of Mutual Interest (AMI) for the Hummer Project participants, and as a result the Petsec has the right
to participate for its 12.5% working interest (W.I.) in the lease. Main Pass Block 274 was previously leased by Petsec in March 2010 as part of the Hummer
Exploration Prospect, which was identified on 3D seismic as extending across portions of Main Pass Blocks 270, 273 and 274. The Main Pass Block 270 #3
Hummer discovery well (Petsec 12.5% W.I.) was drilled in late 2015 and is currently under development with the construction of a production jacket. The
company has maintained leases on Main Pass Blocks 270 and 273 along with other Hummer participants as a result of the drilling however the five year lease
term on Block 274 expired in midyear 2015 prior to drilling and logging of the discovery well. Following the expiration, Main Pass Block 274 was subsequently
reoffered by the Bureau of Ocean Energy Management (BOEM) in the Central Gulf of Mexico Lease Sale 241 held on March 23, 2016. Castex was the high
bidder with a gross bid of US$675,576. Petsecs net share is US$84,447.

Jan26,2016

A platform jacket will be fabricated and installed over the Main Pass Block 270 #3 BP 1 well on the Hummer exploration prospect, in the U.S. Gulf of Mexico.
The well is located in U.S. federal offshore waters, approximately 50 miles southeast of Venice, Louisiana. The well, which was drilled and mudline suspended
at 14,300 feet TVD/14,342 feet MD, will be completed and tested after the jacket has been fabricated and installed. The anticipated timeframe for the
fabrication, installation, well completion and testing is approximately 6 to 7 months the estimated date for jacket installation is June 2016. The Main Pass 270
#3 BP 1 well was drilled using the Ensco 87 jackup drilling rig. Water depth at the prospect location is approximately 215 feet.

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Projectclassification

STATUS: CATEGORY: ON/OFFSHORE:

UPSTREAM APPRAISAL EXPLORATION DRILLING OFFSHORE

Projectoperators

PetsecEnergy(UnitedStatesofAmerica)
3861 Ambassador Caffery Parkway
Suite 500
Lafayette
LA 70503
United States of America

CONTACT

Telephone:++13379891942
Fax:++13379897271
Web:http://www.petsec.com.au

CastexOffshore
333 Clay St Ste 2000
Houston
TX 77002
United States of America

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Projectmaincontractors
Nomaincontractorslisted

Projectsubcontractors
Nosubcontractorslisted

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Projectnotes

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