Muggles-1 Well to Spud This Week

Apache Northwest Pty reports that the Ensco-56 is currently on tow to the Muggles-1 location offshore Australia and should arrive at approximately midnight. It is expected that the well should spud later tomorrow.

The Muggles Prospect is an M australis stratigraphic pinchout trap at ~1300 meters subsea depth within a Cretaceous channel on the Enderby Terrace. Prospect potential ranges in size from 33.5 (mean) to 83.1 (P10) million barrels of oil recoverable. If drilling is successful the discovery could be tied back to the nearby Legendre Oil Field in which the Operator has a substantial interest.

Participants in Muggles are:

Apache Northwest Pty Ltd 69.7305% (Operator)
Sun Resources NL 10.3895%
First Australian Resources Ltd 10.7143%
Victoria Petroleum NL 6.1743%

Pan Pacific Petroleum NL 2.9914%