Petsec is funding 35% of the costs of the well as part of the conditions of a farm-in agreement it entered last month to earn a 24.5% stake in the project.
Petsec said the well would take about six weeks to drill, after which it will be evaluated for a period of three to four months.
After the completion of the initial well Petsec will have the option to participate in the drilling of up to three optional wells to earn its stake in the project which covers an area of 17,280 acres.
The
