Magellan Petroleum gets Bonaparte basin permit

Australia has granted Magellan Petroleum an exploration permit over area NT09-1 in the Bonaparte basin off the Northern Territory.

Offshore staff

PORTLAND, Maine – Australia has granted Magellan Petroleum an exploration permit over area NT09-1 in the Bonaparte basin off the Northern Territory.

The permit covers 6,305 sq km (2,460 sq mi) in water depths range from 10 m to 170 m (33 ft to 558 ft). NT09-1 is in the Malita Graben part of the basin, an area of proven gas-prone Early-Middle Jurassic (Plover formation) source and reservoir rock, and adjacent to fault-bounded gas accumulations, the company says.

“We believe an important structural closure exists within this license area and are anxious to initiate a technical work program to study the area's potential,” says William H. Hastings, Magellan’s president and CEO.

“Commercially, any gas that can be found in NT09-1 is complementary to the development plans of our neighbors at Evans Shoal and Caldita.”

03/25/2010

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