Magellan Petroleum Says Patron 1 a Duster

Magellan Petroleum says the Patron 1 exploration well, the second well drilled under the PEL 93 farmin agreement in the Cooper Basin of South Australia, has been plugged and abandoned without encountering commercial hydrocarbons.

Patron 1 spudded on September 20 and was drilled to a total depth of 1,807 meters RT. A Drill Stem Test conducted over the interval 1,242-1,258 meters to test an oil show encountered during drilling in the Murta Formation recovered 1.5 barrels of rat hole mud and 6.2 barrels of muddy water. On reaching total depth, wireline logs were run which indicated no commercial hydrocarbons were present in the objective Eromanga or Cooper basin sections.

MPAL, entered into a farmin agreement with Stuart Petroleum, Cooper Energy and Red Sky Energy in July 2007, under which MPAL has the option to participate in exploration drilling in part of the PEL 93 area during the current term of the PEL 93 license. The Company funded 49% of the Patron 1 drilling costs; however, as no commercial hydrocarbons were discovered it earned no interest in the Patron 1 prospect.

Magellan's next drilling activity will be in the Nockatunga area of the Cooper Basin of southwest Queensland, where the Nockatunga joint venture plans to drill the Burundi 1 near field exploration well in Petroleum Lease 33 and the Maxwell 5 appraisal well in Petroleum Lease 50. Drilling is scheduled to commence within the week, and the company will report when the first well spuds.


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