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.
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