Petsec Energy Ltd. announced that the Main Pass Block 273 B-2 appraisal/development well was spud on 19 August 2018 and drilling has commenced. The B-2 appraisal/development well will be drilled from the Main Pass Block 270 ‘B’ Production Platform, to a bottom hole location approximately 6,000 feet to the East of the B-1 discovery well. This is the first of potentially 3 to 8 appraisal/development wells required to develop the field. The well is designed to test, in a structurally advantageous position, six oil and gas reservoirs, these being the five oil and gas reservoirs that were intersected in the B-1 well and a deeper horizon not tested by the B-1 well, but productive in the area. The primary objectives of the B-2 well are two sand reservoirs with proven oil and gas reserves discovered in the B-1 well (Cawley, Gillespie & Associates, independent reserve engineers), one of which is categorized as Proved Developed Producing (PDP), the other Proved Undeveloped (PUD). These reservoirs are also productive in similar nearby fields (Main Pass 280/283 Field Complex). The B-2 well is planned to be drilled to a measured depth (MD) of 18,559 feet with a true vertical depth (TVD) of 16,624 feet. The well is being drilled utilizing the Ensco 68 jack-up drilling rig and is expected to take approximately 80 days to reach total depth. Contingent on the results of the well the production facilities will be expanded and the well completed for production with production estimated to begin in mid-December 2018. The estimated net cost to the company to drill the well is approximately USD 2.6 million, plus USD 1.0 to USD 1.2 million for completion and additional production facilities.