Magellan Petroleum Announces Weekly Drilling Report
HARTFORD, Conn., Jan. 10 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation (NCM: MPET; ASX: MGN) ("Magellan") announced that its 100% owned subsidiary, Magellan Petroleum Australia Limited ("MPAL") advises the following drilling report.
The Dilkera North 1 exploration well was cased and suspended as a future oil producer. Dilkera North 1 in PL 51 of the Nockatunga Block was the first well of Magellan's 11 well intensive drilling program in the Nockatunga Block, which was announced on December 21, 2006.
The Thungo 9 oil development well, the second well in the program, spudded at 11:00 hours on January 8, 2007. At 06:00 hours on January 10, 2007, the well was at 273 meters and preparing to drill out of 8-5/8" surface casing.
Dilkera North-1 Details: Petroleum Title: PL 51, Queensland Location: Approximately 1 km NNE of Dilkera-1 and 4 km SE of the Muthero oil field Coordinates: Latitude: 27 degrees 44' 20.40" South Longitude: 142 degrees 38' 27.90" East (GDA 94) JV Operator: Santos Limited Drilling Rig: PDI 721 Total Depth: 1438 meters RT Objectives: Primary - Murta Member Secondary - Westbourne Formation and Birkhead Formation/Hutton Sandstone Operations for period: Well was drilled from 1120 meters to total depth of 1438 meters. DST 1 over the interval 1051.8 to 1060 meters in the Murta Member recovered 31 barrels of 48.2 degrees API oil with 1 barrel of oil cut rat hole mud. The well was cased and suspended as a future oil producer. Progress for Period: 310 meters. Thungo-9 Details: Petroleum Title: PL 51, Queensland Location: Approximately 700 m NNE of Thungo-1 Coordinates: Latitude: 27 degrees 43' 28.38" South Longitude: 142 degrees 35' 00.18" East (GDA 94) JV Operator: Santos Limited Drilling Rig: PDI 721 Proposed Total Depth: 1387.5 meters RT Objectives: Primary - Murta Member Secondary - Westbourne Formation and Birkhead Formation/Hutton Sandstone Operations for period: The well was spudded at 11:00 hours on January 8, 2007 and drilled to 273 m; 8-5/8" casing was set at 270 m. Progress for Period: 273 meters. Participants in Dilkera North-1 and Thungo-9 are: Magellan Petroleum Corporation 38.994% Santos Limited Group (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
Released January 10, 2007