Australia

By OGJ editors
HOUSTON, Mar. 24 – Magellan Petroleum Corp., Portland, Me., was awarded the NT09-1 permit in the Malita graben of the Bonaparte basin 137 miles northwest of Darwin, Northern Territory, Australia.

The 2,460-sq-mile permit is in 10-170 m of water in an area where Magellan is conducting feasibility work in partnership with a large methanol producer.

Area NT09-1 is in an area of proven gas-prone Early-Middle Jurassic Plover formation source and reservoir rock and south and southeast of fault-bounded gas accumulations at Evans Shoal. Magellan believes an important structural closure exists on the license. Any gas found would be complementary to the development plans of our neighbors at Evans Shoal and Caldita.