MAGELLAN EXPLORATION UPDATE: AUSTRALIA & NORTH AMERICA
MAGELLAN EXPLORATION UPDATE: AUSTRALIA & NORTH AMERICA HARTFORD, Conn., Nov. 21 /PRNewswire/ -- Magellan Petroleum
Corporation (NASDAQ: MPET) said its Australian subsidiary and partners resumed exploration drilling operations on the Burunga prospect in Queensland's Bowen-Surat Basin, about 250 miles northwest of Brisbane, on Nov. 16.
The well, Scotia OT, is a re-entry at Scotia No. 1, a wildcat drilled in the early 1980s that yielded noncommercial gas flows after incurring formation damage attributed to drilling mud. In accordance with recent technical analyses, the re-entry will attempt to prove that Burunga could be commercially viable if drilled mud-free and deviated about 60 degrees to intercept more of the vertically oriented fractures, the company said. A Magellan spokesman said the company's 1991-92 exploration program also includes a fourth well to further evaluate the Dingo prospect in the Amadeus Basin -- which will be spudded on Dec. 9 -- and a wildcat in South Australia's Otway Basin, scheduled for drilling next January. Reporting on a new exploration venture, the spokesman said the Australian unit (47.5 percent), Crusader Resources N.L. (47.5 percent), and QGAS Pty. Ltd. (5 percent) have been granted a petroleum permit, ATP 504P, in the onshore Maryborough Basin in eastern Queensland. This area, which is considered gas-prone, has several large anticlinal structures with deep, undrilled Mesozoic targets, he said. The spokesman further noted that an estimated 25 additional wells, mostly wildcats, are to be drilled on the Navajo Indian Reservation in the Southwestern United States, where a nearly continuous, two-rig drilling program is in progress. -0- 11/21/91 /CONTACT: Arthur B. O'Donnell for Magellan Petroleum Corp., 203-525-1202/ (MPET) CO: Magellan Petroleum Corporation ST: Connecticut IN: OIL SU: FC-KW -- NY002 -- 5788 11/21/91 10:18 EST
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|Date:||Nov 21, 1991|
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