Magellan Petroleum announces new pool discovery in East Poplar

Magellan Petroleum Corporation through its wholly owned subsidiary, Nautilus Poplar, has completed its EPU 117 well within the East Poplar Unit as a new pool producer in the Amsden formation at a depth of approximately 4800 feet. The well has just recently been completed and is currently producing approximately 106 barrels of oil per day with no appreciable water on a 10/64th choke with a flowing tubing pressure of 95 psi. The CEO said: "While it's still too early to make definitive statements regarding this well and this formation and their ultimate productivity, it is nevertheless an exciting discovery and reminder of the potential of this Unit." The company also announced that its Australian subsidiary has commenced work in the Palm Valley Gas Field located in the Amadeus Basin of the Northern Territory to retrofit existing production and compression facilities to allow gas to be delivered from this field to a new purchaser, with deliveries to this new purchaser expected to begin on or before February 1.