Magellan Petroleum Announces Drilling Report - Burundi 1 Spuds PL 33 - Cooper Basin QLD

HARTFORD, Conn., Oct. 9 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation (Nasdaq: MPET; ASX: MGN) ("Magellan") announced that its 100% owned subsidiary, Magellan Petroleum Australia Limited ("MPAL") advises the following drilling report.

The Burundi 1 near field exploration well spudded in PL 33 in the Cooper Basin of southwest Queensland on October 4. Burundi 1 is the first of a two well drilling program planned for the Nockatunga area in October. The Maxwell 5 appraisal well in PL 50 will follow.

Burundi 1 is located approximately 7.5 kilometers south of the Nockatunga oil facility and 9.5 kilometers southwest of the Thungo oil field. The Burundi prospect is a 4-way dip closed structure located on the western end of the Karwin Complex, immediately updip of the Karwin Trough.

The primary oil reservoir objectives in Burundi 1 are the Murta Formation and the Birkhead Formation. The Burundi 1 well which is being operated by Santos is programmed to have a total depth of approximately 1,436 meters RT.

    Burundi 1 Details:

    Petroleum Title:       PL 33, Queensland
    Location:              approximately 7.5 km S of the Nockatunga oil
                           facility and 9.5 km southwest of the Thungo
                           oil field
    Coordinates:           Latitude: 27 degrees 46' 49.24" South
                           Longitude: 142 degrees 30' 28.62" East (GDA 94)
    Drilling Rig:          PDI 721
    Proposed Total Depth:  1,436 meters RT
    Objectives:            Primary oil -- the Murta Formation and the
                           Birkhead Formation
    Operations:            Burundi 1 spudded on October 4

    Participants in Burundi 1 are:

      Magellan Petroleum Corporation         38.994%
      Santos Limited (ASX: STO)(Operator)    61.006%

Forward Looking Statements

Statements in this release which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. These statements about Magellan and MPAL may relate to their businesses and prospects, revenues, expenses, operating cash flows, and other matters that involve a number of uncertainties that may cause actual results to differ materially from expectations. Among these risks and uncertainties are the extent of the recoverable reserves at those properties and the risk that any wells drilled may fail to encounter hydrocarbons in commercially recoverable quantities. Any forward-looking information provided in this release should be considered with these factors in mind. Magellan assumes no obligation to update any forward- looking statements contained in this release, whether as a result of new information, future events or otherwise.

SOURCE Magellan Petroleum Corporation