Magellan previously farmed out a 37.5% interest in the WA-306-P permit to Antrim, retaining a 12.5% interest in the permit and joint venture. It is being fully funded through the drilling of the well.
Antrim Energy recently farmed out a 55% interest in the permit to ONGC Videsh, a wholly-owned subsidiary of India’s largest integrated oil and gas corporation, while Magellan and Antrim will each continue to hold a 50% working interest in the adjacent permit, WA-307-P.
The Floreana-Plazas 2D seismic survey, conducted by the joint venture in 2003, upgraded the prospectivity of an 80km trend of prospects identified in permits WA-306-P and WA-307-P, resulting in the confirmation of several attractive drilling targets.
“The South Galapagos prospect, a significant ‘four-way closed’ structure in the Jurassic Lower Vulcan and Plover Formations, has estimated mean potential reserves in excess of 100 million barrels of oil,” said Magellan.
Interests in the South Galapagos-1 well are Magellan Petroleum (WA) 12.5%, Antrim Energy Australia Pty Limited (Operator) 32.5% and ONGC Videsh Limited 55%.
