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Magellan plots course for 2007
By Upstream staff
Magellan Petroleum said its Australian-based unit had changed its drilling and exploration strategy and would focus its efforts on the Cooper Eromanga basin in south-west Queensland and on the Weald Basin off the UK.
Magellan said it would participate in 11 wells on the Nockatunga Block PL51, starting with the Dilkera-1 spud. The project includes two exploration wells, five appraisal wells and four development wells. The Nockatunga project is operated by Santos and Magellan holds a 38.994% working interest.
The company said it would also take part in Beach Petroleum's Tunkalilla-1 and Telowie-1 wells, both located in PEL 94 on the Cooper Eromanga basin. Magellan holds a 35% stake in the venture.
Magellan said it would drill two or three wells with Northern Petroleum. These are expected to be the markwells Wood-1 in PEDL 126, the Leigh Park -1 in PEDL 99 and 155 and possibly the Hedge End-1, also in PEDL 126. Northern Petroleum will operate the well. Magellan holds a 40% stake in each of the leases.
Thursday, 21 December, 2006, 22:15 GMT | last updated: Thursday, 21 December, 2006, 22:15 GMT
