For the second half of the year the company will focus on the Carnarvon and Cooper Basins with a two well program planned with Beach Petroleum (50%, operator) in PEL 94 (Waitpinga-1) and PEL 95 (Seacliff-1) in the Cooper Basin.

Magellan, again in partnership with Beach and also Cooper Energy, has also committed to the Semaphore-1 well in PEL 110 in October, targeting Tinchoo and Poolowanna formations which are productive in the Keleary and Telopea oil discoveries, 22km to the south.

In the Carnarvon and Browse Basins the company is continuing its farm-out programs for its WA-291-P and WA-287-P exploration permits with the aim of drilling a well in each.

The proposed Sheila-1 well in the Carnarvon Basin's WA-291-P will target a series of stacked Triassic sands with a mean potential oil reserve of 112mmbo.

The company has also reached agreement with Voyager Energy for the purchase of their 40.936% working interest in the Nockatunga project in southwest Queensland.

The assets include several producing oil fields and exploration acreage in ATP 267P, although the sale is subject to pre-emptive rights by the other joint venture partners.