2009-08-19-2007-09-01-2007-09-01

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Description

WI

Magellan Petroleum Australia Ltd., a subsidiary of Magellan Petroleum Corp., Hartford, Conn., (Nasdaq: MPET; Australia: MGN) has entered a farm-in agreement with Adelaide, Australia-based Stuart Petroleum, South Perth, Australia-based Cooper Energy and Sydney, Australia-based Red Sky Energy Ltd. for the PEL 93 license in South Australia. Magellan will earn a 24.5% participating interest in any commercial discovery made in the license in the Cooper Basin in exchange for funding 49% of drilling costs. Rainbird 1, the first well drilled under the PEL 93 agreement is approximately eight kilometers south-southwest of the Worrior oil field. The primary reservoir objectives in Rainbird 1 are the McKinlay member of the Murta formation and the Birkhead formation. The well is operated by Stuart Petroleum.