Rumours first surfaced a month or so ago that Bounty Oil & Gas - which has a commitment to drill in PEP 38215 by August 23, according to Crown Minerals - would pick up the Ocean Patriot after Tap drills Tawatawa-1 in PEP 38333 and the likely Galleon South-1 in PEP 38259.

However, Bounty’s latest report says it is unlikely a suitable rig can be mobilised into the permit area until late 2005 and that discussions are underway with Crown Minerals regarding an extension to allow mapping to be completed and drilling started. It is known the Ocean Patriot, as presently configured, cannot drill in the deep waters of PEP 38215.

Now, more recent rumours have Magellan Petroleum picking up the Patriot to drill in the more shallow waters of PEP 38222. Crown Minerals has Magellan committing to drill a well by October 16.

However, Magellan is keeping mum about the possible rig pick-up. “Sorry, I can’t be much help to you at the moment as the sensitivity of discussions we are having with several parties means it would not be prudent to discuss at this stage,” was all Magellan exploration supervisor Paul Lipski would tell EnergyReview.Net from Brisbane.