Marabou-1 Comes Up Dry

Magellan Petroleum Corporation reported that Marabou-1 well in Permit WA-281-P in the Browse Basin offshore Western Australia is being plugged and abandoned having reached a total depth of 12,306 feet without significant hydrocarbon shows. Participants in WA-281-P are Santos Offshore as operator with 27.5%, Coast Oil & Gas with 27.5%, Petroz NL with 20.0%, Magellan Petroleum with 17.5% and Beach Petroleum with the remaining 7.5%.