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Magellan Petroleum Announces Sandhills-2z and Kiana-1 Update;
HARTFORD, Conn., Sept. 9 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation (Nasdaq: MPET) said that its 55-percent-held subsidiary, Magellan Petroleum Australia Limited, made the following release to the Australian Stock Exchange on September 8, 2005:
Announcement to ASX
Weekly Drilling Update
Kiana-1 and Sandhills-2z
Kiana-1
Magellan Petroleum Australia Limited advises that Kiana-1 in PEL 107 was at a depth of 1948 metres KB and waiting on replacement rig equipment to arrive at the well site.
DST 4 conducted over the interval 1939-1948 metres in the Patchawarra Formation flowed oil and gas at rates of 1,100 barrels of oil per day and 2.8 MMcf/D of gas through a 1/2' choke. The oil is 52.4 degrees API. No water was produced during the test.
Kiana-1 Details:
Petroleum Title: PEL 107
Location: Cooper Basin, South Australia
Coordinates: Latitude: 28 Degrees 09' 00.70' South
Longitude: 139 Degrees 52' 26.56' East (GDA 94)
Drilling Rig: Century Rig 3
Proposed Total Depth: 2,043 metres RT
Current Operations: Following completion of DST 2, 8-1/2' hole was
drilled to 1891 m. DST 3 was conducted over the
interval 1883-1891.3m in the Patchawarra Formation.
No fluid flowed to surface during DST 3, and some
2.5 barrels of oil cut mud was recovered. Drilling
of the 8-1/2' hole was continued to 1948 m. DST 4
was conducted over the interval 1938.5-1948 m in
the Patchawarra Formation. Gas and oil flowed to
surface at the rate of 2.8 MMcf/d and 1,100 BOPD
through a 1/2' choke. Following completion of the
DST operations, the rig is undergoing repairs.
Progress for the week: 439 metres
Participants in Kiana-1 well are:
Great Artesian Oil and Gas Limited 30%
Magellan Petroleum Australia Limited 30%*
Beach Petroleum Ltd (Operator) 40%
* Subject to a commercial discovery
Sandhills-2z
The Sandhills-2z sidetrack well, being drilled in PEDL 098 on the Isle of Wight (UK), was at a depth of 1456 metres MDKB and conducting coring operations in the Great Oolite Formation as per program.
Sandhills-2z Details:
Petroleum Title: PEDL 098
Location: Isle of Wight, Wessex Basin, Southern England, UK
Coordinates: Latitude: 00 Degrees 48' 45.98' South
Longitude: 002 Degrees 30' 57.06' East
Drilling Rig: BDF Rig 28
Spudded: 03:00 hours 1 August 2005 (GMT)
Objective: To test the significance and commerciality of
untested hydrocarbon shows intersected in the
Jurassic Great Oolite Formation of the Sandhills-1
well drilled by British Gas in 1982.
Operations: An 8-1/2' sidetrack hole was drilled to 1449
metres MDKB. A 7' liner was run and after
successfully installing and testing the blow out
preventors, the 7' shoe was drilled out and casing
integrity has been established. Coring operations
are now underway in the Great Oolite Formation.
Progress for the week: 165 metres MD.
Participants in the Sandhills-2z well are:
Magellan Petroleum (NT) Pty Ltd 22.5%
(a wholly-owned subsidiary of Magellan Petroleum Australia Limited)
Northern Petroleum (GB) Limited 57.5% (Operator)
Oil Quest Resources Plc 7.5%
Black Rock Resources (UK) Limited 5.0%
Montrose Industries Ltd 5.0%
Oil and Gas Investments Limited 2.5%
Magellan Petroleum Announces Sandhills-2 Update and Kiana-1 Spuds
HARTFORD, Conn., Aug. 23 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation (Nasdaq: MPET) said that its 55-percent-held subsidiary, Magellan Petroleum Australia Limited, made the following release to the Australian Stock Exchange on August 23, 2005:
Announcement to ASX
Drilling Update
Sandhills-2 and Kiana -1
Sandhills-2
Magellan advises that the Sandhills-2 well reached a total depth of 1,317 metres MDKD. The primary objective, the Great Oolite Formation, was intersected low to prognosis, however, hydrocarbon shows were observed within the reservoir section. Wireline logs have been acquired and analysis of the logs indicated low oil saturations across a 19 metres interval. The Joint Venture has decided to drill a sidetrack well to evaluate the updip potential of the structure between Sandhills 2 and Sandhills 1. Accordingly, the Sandhills 2 well has been plugged back to the 9-5/8' casing shoe (618 metres) and sidetracking operations are now underway. It is expected that the sidetracking operations will take a further 10 to 15 days.
Sandhills-2 Details:
Petroleum Title: PEDL 098
Location: Isle of Wight, Wessex Basin, Southern England
Coordinates: Latitude: 00 degrees 48' 45.98' South
Longitude: 002 degrees 30' 57.06' East
Drilling Rig: BDF Rig 28
Spudded: 03:00 hours 1 August 2005 (GMT)
Objective: To test the significance and commerciality of
untested hydrocarbon shows intersected in the
Jurassic Great Oolite Formation of the
Sandhills-1 well drilled by British Gas in
1982.
Operations: An 8-1/2' hole was drilled (at approximately
42 degrees deviation) to a total depth of
1,317 metres MDKB. Wireline logs have been
acquired and the well has be plugged back to
allow sidetrack operations to be undertaken
Participants in the Sandhills-2 well are:
Magellan Petroleum (NT) Pty Ltd 22.5%
(a wholly-owned subsidiary of Magellan
Petroleum Australia Limited)
Northern Petroleum (GB) Limited 57.5% (Operator)
Oil Quest Resources Plc 7.5%
Black Rock Resources (UK) Limited 5.0%
Montrose Industries Ltd 5.0%
Oil and Gas Investments Limited 2.5%
Kiana-1
Magellan Petroleum Australia Limited advises that Kiana-1 in PEL 107 spudded at 08:00 hours 21 August and at 06:00 hours today was at a depth of 559 metres KB and installing blow out prevention equipment, having run and cemented 9-5/8' surface casing. The main objectives of the well are the Jurassic Namur Sandstone and Birkhead Formation. As previously advised, Magellan is earning a 30% interest in the Kiana prospect through an agreement with Great Artesian Oil and Gas whereby Magellan will fund Great Artesian's drilling costs on Kiana-1. The well is being operated by Beach Petroleum and it is expected to take approximately 14 days in total to drill and evaluate.
Kiana-1 Details:
Petroleum Title: PEL 107.
Location: Cooper Basin, South Australia.
Coordinates: Latitude: 28 degrees 09' 00.70' South.
Longitude: 139 degrees 52' 26.56' East (GDA 94).
Drilling Rig: Century Rig 3.
Proposed Total Depth: 2,043 metres RT.
Objective: The Jurassic Namur Sandstone and Birkhead
Formations are considered targets for the well
as these are oil productive in the nearby
Spencer West and Spencer Fields.
Current Operations: The well spudded at 08:00 hours on 21 August
2005. A 12-1/4' hole was drilled to 559m KB
and 9-5/8' casing has been run and cemented.
The Blow out preventors are currently being
installed prior to drilling ahead in 8-1/2'
hole.
Participants in Kiana-1 well are:
Great Artesian Oil and Gas Limited 30%
Magellan Petroleum Australia Limited 30%*
Beach Petroleum Ltd (Operator) 40%
* Subject to a commercial discovery
Magellan Petroleum Announces Sandhills-2 Spuds; Weald Basin, Onshore Southern England
HARTFORD, Conn., Aug. 4 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation (Nasdaq: MPET) said that its 55-percent-held subsidiary, Magellan Petroleum Australia Limited, made the following release to the Australian Stock Exchange on August 4, 2005:
Announcement to ASX
Sandhills-2 Spuds
Weald Basin, Onshore Southern England
Magellan Petroleum Australia Limited announces that the Sandhills-2 well in PEDL 098 on the Isle of Wight in Southern England spudded at 03:00 hours (GMT) on 1 August 2005. As of 07:00 hours 3 August (GMT) the well was at a depth of 381 metres BRT and drilling ahead in a 12-1/4' hole.
The well is being operated by Northern Petroleum Plc and is expected to take approximately 31 days to drill and evaluate. The Sandhills-2 drilling and evaluation program provides for the acquisition of full hole core across the upper part of the Great Oolite Formation target, a complete suite of wireline logs and production testing of the target interval upon the completion of drilling operations.
Sandhills-2 Details:
Petroleum Title: PEDL 098
Location: Isle of Wight, Weald Basin, Southern England
Coordinates: Latitude: 00 Degrees 48' 45.98' South
Longitude: 002 Degrees 30' 57.06' East
Drilling Rig: BDF Rig 28
Total Depth: 1,270 metres measured depth BRT
Objective: To test the significance and commerciality of untested
hydrocarbon shows intersected in the Jurassic Great
Oolite Formation of the Sandhills-1 well drilled by
British Gas in 1982.
Week's progress: 381 metres.
Participants in the Sandhills-2 well are:
Magellan Petroleum Australia Limited 22.5%
Northern Petroleum Plc 57.5% (Operator)
Oil Quest Resources Plc 7.5%
Black Rock Oil & Gas Plc 5.0%
Montrose Industries Ltd 5.0%
Oil & Gas Investments Ltd 2.5%
Magellan Petroleum Announces Forthcoming United Kingdom Drilling Activity Weald Basin, Onshore Southern England
HARTFORD, Conn., July 28 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation (Nasdaq: MPET) said that its 55-percent-held subsidiary, Magellan Petroleum Australia Limited, made the following release to the Australian Stock Exchange on Thursday, July 28, 2005:
Announcement to ASX
Forthcoming United Kingdom Drilling Activity
Weald Basin, Onshore Southern England
The British Drilling and Freezing Limited Rig (BDF) No. 28 is currently mobilizing to the Sandhills-2 drilling site and the well is expected to spud in the next few days.
Sandhills-2 will mark Magellan's first well to be drilled in its UK acreage portfolio and is the first of up to three wells in which Magellan will participate, over the next year, in the UK. The Sandhills-2 well will be drilled by the PEDL 098 joint venture operator, Northern Petroleum Plc (a company listed on AIM in London). Magellan has farmed out a 17.5% interest in the PEDL 098 licence to Northern Petroleum and a 5% interest to Montrose Industries, both of whom will contribute to funding Magellan's participation in the well. Magellan retains a 22.5% interest in the licence.
Sandhills-2 will target the reservoir section in the Jurassic-aged Great Oolite Formation in a location approximately 1 kilometre south of the Sandhills-1 well which was drilled by British Gas in 1982. The primary objective of the Sandhills-2 well is to assess the significance of oil shows that were intersected, but not tested, in the Sandhills-1 well. Accordingly, it is expected that the Sandhills-2 well will intersect similar hydrocarbon shows. The hydrocarbon shows reported from the Sandhills-1 well consisted of strong hydrocarbon fluorescence together with oil staining and oil-filled pore space in sidewall core samples taken in the Great Oolite Formation.
The Sandhills-2 drilling and evaluation program provides for the acquisition of full hole core across the upper part of the Great Oolite target, a complete suite of wireline logs, and production testing of the target interval upon the completion of drilling operations.
Earlier this year Magellan, together with Northern Petroleum Plc and Oil Quest Resources Plc, commissioned joint reports by Exploration Consultants Limited (ECL) concerning certain drilling prospects in jointly held licences in the Weald-Wessex Basin. ECL's conclusions, which attributed proven and probable reserves, as defined under the Society of Petroleum Engineers guidelines, to the Sandhills and other prospects, were released, in summary form, on 4 May 2005 by Northern Petroleum. Magellan is of a more cautious opinion that a proven and probable categorisation should be considered contingent upon these prospects being re-drilled and subjected to production tests to confirm their commercial viability.
Magellan plans to participate in further drilling in Weald Basin permits
PEDLs 125 and 126 as soon as well sites and planning consents are obtained.
These wells will also target the Great Oolite Formation and address both
bypassed oil pay opportunities and a possible extension of a currently
producing oil field.
Sandhills-2 Details:
Petroleum Title: PEDL 098.
Location: Isle of Wight, Weald Basin,
Southern England.
Coordinates: Latitude: 00 degrees 48' 45.98' South.
Longitude: 002 degrees 30' 57.06' East.
Drilling Rig: BDF Rig 28.
Total Depth: 1,270 metres measure depth BRT.
Objective: To test the significance and commerciality
of untested hydrocarbon shows intersected
in the Jurassic Great Oolite Formation of
the Sandhills-1 well drilled by British Gas
in 1982.
Participants in the Sandhills-2 well are:
Magellan Petroleum (NT) Pty Ltd 22.5%
Northern Petroleum Plc Limited 57.5%(Operator)
Oil Quest Resources Plc 7.5%
Black Rock Oil & Gas Plc 5.0%
Montrose Industries Ltd 5.0%
Oil & Gas Investments Ltd 2.5%
Magellan Farms in to Kiana -1 and Tyringa-1 PEL 107 Cooper Basin, South Australia
HARTFORD, Conn., July 26 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation (Nasdaq: MPET) said that its 55-percent-held subsidiary, Magellan Petroleum Australia Limited, made the following release to the Australian Stock Exchange on Tuesday, July 26, 2005:
Announcement to ASX
Magellan Farms in to Kiana -1 and Tyringa-1
PEL 107 Cooper Basin, South Australia
Magellan Petroleum Australia Limited is pleased to announce that it's wholly owned subsidiary Magellan Petroleum (Southern) Pty Ltd has entered into a Heads of Agreement ('Agreement') with Great Artesian Oil and Gas Limited (Great Artesian) to farm in to the upcoming Kiana-1 and Tyringa-1 wells in PEL 107 (Cooper Basin, South Australia).
Under the terms of the Agreement, and in return for funding Great Artesian's portion of the cost of these two wells, Magellan will earn a 30% interest in any Production Licences subsequently granted in the event of a commercial discovery in either well. In addition, and subject to it funding additional drilling in either the PEL 107 or PEL 106 permits, Magellan has secured an option to farm in to the greater PEL 107 and PEL 106 Permit areas.
The Agreement reached with Great Artesian represents a continued focusing of exploration activities and expansion of acreage positions in Magellan's core areas. In addition to the farm in activities with Great Artesian in the South Australian Cooper Basin, Magellan is actively assessing several drilling candidates that have emerged from the recent 3D seismic acquisition in its Nockatunga Production Licences (PL 33 & PL 50). Drilling in these areas is likely to commence in the fourth quarter of 2005. Activity in Magellan's Southern United Kingdom acreage is also set to increase with the impending drilling of the Sandhills-2 well on the Isle of Wight (PEDL 098).
Magellan looks forward to participating in the initial Kiana-1 and Tyringa-1 wells and to establishing a longer term relationship with Great Artesian through success in these wells and the possible exercise of the options contained in the Agreement.
Kiana-1 Details:
Petroleum Title: PEL 107.
Location: Cooper Basin, South Australia.
Coordinates: Latitude: 28 degrees 09' 00.70' South.
Longitude: 139 degrees 52' 26.56' East (GDA 94).
Drilling Rig: Century Rig 3.
Proposed Total Depth: 2,043 metres RT.
Objective: The Jurassic Namur Sandstone and Birkhead
Formations are considered targets for the well
as these are oil productive in the nearby
Spencer West and Spencer Fields.
Expected Spud date: Early August 2005
Tyringa-1 Details:
Petroleum Title: PEL 107.
Location: Cooper Basin, South Australia.
Coordinates: Latitude: 28 degrees 13' 10.38' South.
Longitude: 139 degrees 48' 02.08' East (GDA 94).
Drilling Rig: Century Rig 3.
Proposed Total Depth: 1,972 metres RT.
Objective: The Jurassic Namur Sandstone and Birkhead
Formations are considered targets for the well
as these are oil productive in the nearby
Spencer West and Spencer Fields.
Expected Spud date: Late August 2005
Participants in the Cooper Basin wells are:
Great Artesian 30%
Magellan Petroleum 30%
Beach Petroleum Ltd 40% (Operator)
Magellan will issue operational information to the Australian Stock Exchange weekly on Thursdays during the drilling of the Kiana-1, Tyringa-1 and Sandhills-2 wells.
SOURCE Magellan Petroleum Corporation
