Magellan is participating in Rainbird 1 under a farm-in agreement with Stuart Petroleum, Cooper Energy and Red Sky Energy. The Company will earn a 24.5% participating interest in any commercial discovery and subsequent Petroleum Production License.
Rainbird 1 Details:
Petroleum Title: PEL 93, South Australia Location: approximately 8 km SSW of the Worrior oil field. Coordinates: Latitude: 28° 29' 09.45" South Longitude: 139° 45' 56.8" East (GDA 94). Drilling Rig: Ensign Rig 20 Prognosed Total Depth: 2019 meters RT Objectives: Primary – the McKinlay Member of the Murta Formation and the Birkhead Formation. Secondary – the Patchawarra Formation and the Epsilon Formation. Operations: Rainbird 1 spudded on 7 August and was drilled in 12¼" hole to a depth of 660 meters RT. 9⅝" casing was run and set. The well was then drilled in 8½" hole and at 06:00 hrs (CST) on 16 August was at a depth of 2004 meters and drilling ahead to basement. Progress for Period: 2004 meters.
Participants in Rainbird 1 are:
Magellan Petroleum Corporation 24.5% * Stuart Petroleum Limited (ASX:STU)(Operator) 36.0% Red Sky Energy Limited (ASX:ROG) 24.5% * Cooper Energy Limited (ASX:COE) 15.0% (* subject to a commercial discovery)
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