Magellan Petroleum Corp., Denver, plans to offer for farmout part of its interest in the NT/P82 exploration permit in the Bonaparte basin offshore Western Australia later this year.
The company is processing 3D and 2D seismic shot on the block, which lies in 55-400 ft of water 160 miles northwest of Darwin (OGJ Online, Nov. 1, 2012).
Magellan is in the final stages of processing the seismic shot in 2012. Due to certain characteristics of the subsurface geology, parts of the data need to be reprocessed and final reprocessed results will not be received until July.
After interpreting the data, the company will initiate a farmout process. Based on recent similar deals in the Bonaparte basin, the expectation is to give up operatorship and a large working interest in exchange for carry on exploratory wells. Magellan is required to drill by May 2015.