Carbine-1 Comes Up Dry

The Carbine-1 well in Exploration Permit WA-283-P is being plugged and abandoned having reached a total depth of 1561 meters without finding significant hydrocarbons. At completion of P&A operations the Sedco 703 will move to Exploration Permit WA-281-P where it is expected to spud the Marabou-1 well on November 22nd. Santos is the operator with a 27.5 percent interest, Coastal Oil & Gas Australia holds a 27.5% interest, Petroz NL holds a 20 percent interest, Magellan Petroleum holds a 17.5 percent interest and Beach Petroleum holds the remaining 7.5 percent.