Magellan Awarded License Offshore New Zealand

Magellan Petroleum has been awarded a 12,210 sq km permit area PEP 38222, while the other Great South Basin operator Bounty Oil and Gas NL, has also been awarded an extension to its PEP 38215 permit granted last year.

Magellanís permit area runs for 240 km along the western side of the basin from just off Nugget Point in South Otago to approximately 100 km south of Stewart Island.

Bounty has been granted a 1989 sq km extension along the east of its permit in the center of the basin, which was granted only last year. This increases the area of the PEP 38215 permit to 13,654 sq km. Bounty and Hardman Resources NL each hold 43.75% interests in the permit, along with Albatross Energy Pty Ltd (10%) and McKenzie Petroleum Ltd (2.5%).

Great South Basin covers an area of 100,000 sq km containing Mid-Cretaceous to Quartenary sediment up to 8.6 km thick. No drilling has been carried out since 1984 even though hydrocarbons were recorded in four of the eight wells drilled previously.


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