Magellan Drills Duster at Gregory River

Magellan Petroleum reports that the Gregory River-3 ST 1 well has been plugged and abandoned as a dry hole. The well intersected some 386 meters of the Gregory Sandstone, (the primary objective of the well). A flow test of this section (2666 meters to 3050 meters) failed to produce any flow of natural gas. Consequently the well has been plugged and abandoned. OD&E Rig 20 has been released.

The Gregory River-3 well is located approximately 30 kilometers south of the town of Bundaberg in Queensland, Australia, within the Maryborough Basin in Permit ATP 613P. Magellan is the operator with a 50% interest and Novus Petroleum holds the remaining 50%.