Magnus Energy to Participate in PEL 101 Drilling Program in South Australia

Singapore's Magnus Energy Group Ltd. announced Thursday that Mid-Continent Equipment (Australia) Pty Ltd. (MEA), a wholly-owned unit of Mid-Continent Equipment Group Pte Ltd. (MEG), a 54.35 percent subsidiary of the firm, has increased its investment in the Petroleum Exploration Licence (PEL) 101 in South Australia, of which MEA has a 20 percent participating interest.

MEA, which partners Australia's Drillsearch Energy Ltd. who holds an 80 percent operating interest in PEL 101, has committed approximately $6.81 million (AUD 8.0 million or SGD 8.9 million) as part of the drilling program of approximately $34 million (AUD 39.9 million).

Earlier, MEA has invested approximately $4.31 million (SGD 4.5 million) in PEL101, with the latest contribution increasing its total investment in the block to approximately $10.71 million (SGD 13.4 million).

"The Directors are of the view that the Participation is a necessary part of the geological and geophysical exploration of PEL101," Magnus Energy said in a press release.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  CNOOC Commences Production from Enping... (Jan 18)
 -  Statoil Granted Drilling Permit for We... (Jan 18)
 -  Gazprom Chairman, Moldova President Di... (Jan 18)
 -  Eni: Oil, Gas Discovery in Norwegian S... (Jan 17)
 -  Tullow Finds Oil in Kenyan Erut-1 Well (Jan 17)


Most Popular Articles

From the Career Center
Jobs that may interest you
United States Canonsburg: Service Manager
Expertise: Customer Service|WellSite Supervisor
Location: Canonsburg, PA
 
Drilling Engineer II Job
Expertise: Drilling Engineering|Petroleum Engineering
Location: Houston, TX
 
Drilling Engineer
Expertise: Drilling Engineering
Location: Tulsa, OK
 
search for more jobs

Brent Crude Oil : $55.47/BBL 0.69%
Light Crude Oil : $52.48/BBL 0.30%
Natural Gas : $3.41/MMBtu 0.29%
Updated in last 24 hours