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Burgess was handed the responsibility of introducing new oil and gas projects to the company with an eye on Australian targets. Now the company will farmin to 15% of Petroleum exploration license No.94 and 10% of PEL No. 110 in the South Australian Cooper Basin, with the transaction subject to Black Rock listing on the ASX.
The company will then fund part of the cost of the upcoming 85 kilometre Malleus 2D seismic survey in PEL 94 and part of the cost of the next well in each of the two permits to earn interests. Magellan currently holds a 50% interest in PEL 94 and a 37.5% interest in PEL 110.
Black Rock is planning to list on the ASX by the middle of 2004.
