Petsec Energy advised that the 21210 II RA SUA; Exxon Mobil Corp. No. 1 well, which spud on 19 July 2015 to test the Bayou St. Charles Prospect in Terrebonne Parish, Louisiana, has reached the planned total depth of 14,001 feet TVD/14,504 feet MD and has been logged and evaluated.
The well was drilled to test a Middle Miocene age Tex (W) 'II' sand reservoir in a stratigraphic trap with an associated amplitude and AVO anomaly. The well encountered the object sand structurally as anticipated, but oil and gas shows encountered in the objective sand on the mud logs proved to be non-commercial. Well logs indicate the amplitude and AVO anomaly were the result of residual hydrocarbons in the 'II' sand. The well has been plugged and abandoned. The estimated exploration cost of the well net to the Company is approximately US$1,100,000.