Magellan Petroleum has announced its production and exploration activities for the quarter ended June 30, 2009.
PRODUCTION AND DEVELOPMENT ACTIVITIES
Palm Valley Gas Field (PL 3) -- Amadeus Basin NT (52.023% Interest)
The Palm Valley gas field which is operated by Magellan produced an average of approximately 7.1 million cubic feet per day (MMcf/D) of natural gas for sale during the quarter. The Palm Valley Joint Venture's objective is to maximise gas production from the existing facilities while maintaining a safe and efficient operation, conducted in accordance with good oil field practice.
Mereenie Oil and Gas Field (PL 4 & 5) -- Amadeus Basin NT (35% Interest)
The Mereenie oil and gas field which is operated by Santos Ltd produced an average of approximately 35 MMcf/D of natural gas and 701 barrels of oil and condensate per day for sale during the June quarter.
Nockatunga Oil Fields (PLs 33, 50, 51, 244, 245 & ATP 276P) -- Cooper Basin Qld (40.936% Interest)
The Nockatunga oil fields which are operated by Santos Ltd produced an average of approximately 407 barrels of oil per day (BOPD) for sale during the June quarter.
Processing of data acquired by the Maxwell-Kaos 3D seismic survey during the previous period is in progress. The 254 square kilometre survey covered PL 50 & PL 245 over the Maxwell field and Noccundra lease as well as a significant portion of the ATP-267-P exploration block.
Kiana Oil Field (PPL 212) -- Cooper Basin SA (30% Interest)
Production from the Kiana-1 well averaged 6 BOPD during the quarter which is below normal as the well was offline for a significant part of the period, waiting on repairs. The well produces from both the upper and lower Patchawarra Formation zones.
Aldinga Oil Field (PPL 210) --- Cooper Basin SA (50% Interest)
Aldinga-1 well was shut-in during the period, waiting on repairs. There are no current plans to develop the field further.
Kotaneelee Gas Field, YT (2.67% interest)
Magellan has a 2.67% carried interest in the Kotaneelee gas field in the Yukon Territory of Canada. Devon Canada Corporation is operator of this partially developed field which is connected to a major pipeline system.
Exploration evaluation of ATP 267P (Magellan 40.936% -- refer above), PEL 94 (Magellan 35% interest), PEL 95 (Magellan 50% interest), PEL 107 (Magellan 20% interest) and PEL 110 (Magellan 60% interest) is ongoing. Cooper Energy was appointed as operator of the PEL 110 joint venture.
In ATP 613P, ATP Application 674P and ATP Application 733P in the Maryborough Basin of Queensland, evaluation of the coal the seam gas potential of the Burrum Coal Measures in the Burrum Syncline farmin area is being undertaken by Eureka Petroleum, a wholly owned subsidiary of Blue Energy Limited. Eureka Petroleum has a 75% interest and is Operator in the farm-in area. Work on the tenements is delayed pending completion of current native title negotiations relating to the grant of the two ATPs.
UNITED KINGDOM EXPLORATION
In the Weald Basin, Magellan (40% interest) will participate in the Markwells Wood-1 exploration well in PEDL 126 in late 2009. Northern Petroleum, operator of the PEDL 126 Joint Venture, has completed site construction for the well. The Markwells Wood-1 well will target a prospect that is interpreted to be an eastward extension of the currently producing Horndean oil field.
Northern Petroleum, operator of the PEDL 155 Joint Venture (Magellan 40%), has also received planning approval from the Hampshire County Council to drill the Havant-1 well, which will target an oil prospect in the Great Oolite Formation. The operator plans to commence site construction for the well in the fourth quarter of 2009. The Horndean oil field to the north of the Havant prospect produces from the Great Oolite Formation.
Magellan (40% interest) and its joint venturers were granted PEDL 256 over an area which was formerly held under PEDL 099 which expired in September 2008. Northern Petroleum is operator of the area. The licence is adjacent to PEDL 155 and covers the possible western extension of the Havant prospect.
Magellan holds interests (ranging from 22.5% to 50%) in six other exploration licences in the Weald-Wessex Basin (PEDLs 098, 125, 152, 153, 154, and 240), which are also operated by Northern Petroleum. Elsewhere in the Weald Basin, PEDLs 135, 136, 137, 242 and 246 are held and operated by Magellan with a 100% interest. Well sites have been selected and applications for local council planning consents for the drilling of two prospects, one in PEDL 135 and one in PEDL 137 are being progressed. Magellan also operates PEDLs 231, 232, 234 and 243 in the central Weald Basin area with a 50% interest.
Expenditures incurred on exploration, appraisal and development activities during the June 2009 quarter, totalled US $1,460,000. All figures are unaudited.
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