Magellan's Maxwell 5 PL 50 Oil Shows Encouraging

Magellan Petroleum's Maxwell 5 PL 50, located in the Cooper Basin of southwest Queensland, reached total depth of 1,001 meters and good oil shows were encountered in the Murta Formation during drilling. Wireline logs were run. The well is being cased and suspended as a future oil producer.

The Maxwell 5 appraisal well was spudded on October 14. The well is located on the Maxwell oil field approximately equidistant from Maxwell 3 and Maxwell 4 in an area of the field interpreted to be largely unswept by production from the three oil producing wells to the north. Oil is produced from the Murta Formation on the Maxwell field.

Maxwell 5 was the second well in a 2-well drilling program at Nockatunga. No further reports will be issued.