Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : YEEHAW CANDIDATES -- Ignore unavailable to you. Want to Upgrade?

To: Galirayo who wrote (19600)	10/12/2006 6:47:23 PM
From: Galirayo	Read Replies (1) \| Respond to of 23958

Hmmmmm .. they had other News on Monday too. Magellan Petroleum Announces Kiana-2 Spuds in Cooper Basin SA Monday October 2, 12:02 pm ET HARTFORD, Conn., Oct. 2 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation (Nasdaq: MPET - News; ASX: MGN - News; the "Company") announced that Kiana-2, the first well in its 100% owned subsidiary, Magellan Petroleum Australia Limited's 2006 Cooper Basin drilling program, spudded on October 1. Further details of the 2006 Cooper Basin drilling program, which is expected to take around three months to complete, will be released as they become available. Kiana-2, an appraisal well, spudded in PPL 212 at 01.30 hrs (CST) on October 1 and at 06:00 hrs on October 2 (CST) was at a depth of 307 metres RT and drilling ahead. The Kiana oil field which is located approximately 32 kilometers west of the Moomba oil and gas plant was discovered in September 2005, and production commenced in December from the Patchawarra Formation in the Kiana-1 well. To the end of August 2006, the well had produced more than 81,000 barrels of oil. Kiana-2 is designed to appraise the south-western culmination of the Kiana structure approximately 640 meters southwest of Kiana-1. Based upon the current 2D seismic data, if Kiana-2 is successful it will be ideally located at the crest of the culmination to optimize drainage from the field. The main objective of the well is the Patchawarra Formation. The well is being operated by Beach Petroleum and it is expected to take approximately 14 days in total to drill and evaluate. Kiana-2 Details: Petroleum Title: PPL 212, South Australia Location: approximately 640 meters southwest of the Kiana-1 oil well and 32 kilometers west of Moomba Coordinates: Latitude: 28° 09' 10.32" South Longitude: 139° 52' 02.77" East (GDA 94). Drilling Rig: Century Rig 3 Proposed Total Depth: 2020 metres RT Objectives: Primary -- the sandstones of the Patchawarra Formation which are productive in the Kiana-1 well. Secondary -- the Jurassic Namur Sandstone and Birkhead Formations which are oil productive in the nearby Spencer West and Spencer oil fields. Current Operations: The well spudded at 01.30 hrs on October 1, 2006 and at 06.00 hrs on October 2 (CST) was at a depth of 307 metres RT and drilling ahead. Participants in Kiana-2 are: Magellan Petroleum Corporation 30.0% Beach Petroleum Ltd (Operator) 40.0% Great Artesian Oil and Gas Limited 30.0% Magellan will issue routine weekly drilling reports during its 2006 Cooper Basin drilling program. Forward Looking Statements Statements in this release which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. These statements about Magellan and MPAL may relate to their businesses and prospects, revenues, expenses, operating cash flows, and other matters that involve a number of uncertainties that may cause actual results to differ materially from expectations. Among these risks and uncertainties are pricing and production levels from the properties in which Magellan and MPAL have interests, the extent of the recoverable reserves at those properties, the future outcome of the negotiations for gas sales contracts for the remaining uncontracted reserves at both the Mereenie and Palm Valley gas fields in the Amadeus Basin, including the likelihood of success of other potential suppliers of gas to the current customers of Mereenie and Palm Valley production. In addition, MPAL has a large number of exploration permits and faces the risk that any wells drilled may fail to encounter hydrocarbons in commercially recoverable quantities. Any forward-looking information provided in this release should be considered with these factors in mind. Magellan assumes no obligation to update any forward-looking statements contained in this release, whether as a result of new information, future events or otherwise. -------------------------------------------------------------------------------- Source: Magellan Petroleum Corporation