About Us

Magellan Petroleum Australia Limited

is a publicly-listed Australian company engaged in oil and gas exploration and production, principally in Australia. Magellan Petroleum Australia Limited was formed in 1964 by its US parent, Magellan Petroleum Corporation, to explore for petroleum in Australia. Magellan Petroleum Corporation holds 55 percent of the issued shares of Magellan Petroleum Australia Limited.

Magellan operates the Palm Valley gas field in the Amadeus Basin which in the year ended June 2003 supplied approximately 6.2 PJ (5.5 Bcf) of natural gas to markets in the Northern Territory, principally to Darwin and Alice Springs. Gas sales to Alice Springs commenced in 1983 and to Darwin in 1986. Proved ultimate recoverable gas reserves at Palm Valley are estimated at 6,400 Mm3 (226 Bcf) and cumulative production at 30 June 2004 totalled 3806 Mm3 (134 Bcf). Magellan holds a 52.023 percent working interest in the field and its share of remaining proved and probable recoverable gas reserves at 30 June 2004 was 14801Mm3 (49 Bcf). The field is currently producing sales gas at the rate of approximately 16 TJ (14 MMcf) per day.

The Company holds a 35 percent working interest in the Mereenie oil and gas field, also in the Amadeus Basin, which is operated by Santos Ltd. The Mereenie field commenced crude oil production in 1984 and gas sales in 1987. A total of 60 wells have been drilled on the field and for the year ended June 2004 oil production was approximately 60 ML (0.38 MMSTB) and gas sales were 12.9 PJ (11.0 Bcf). The field is producing oil at the rate of approximately 1000 BOPD and sales gas at the rate of around 35 TJ (30 MMcf) per day. Magellan’s share of proved and probable remaining recoverable reserves at 30 June 2004 is 335 ML (2.1 MMSTB) of oil and 1730 Mm3 (61 Bcf) of gas.

The Company has interests in three production leases and four exploration licences in the Cooper-Eromanga Basin, Australia’s most prolific onshore hydrocarbon province. Production from the Nockatunga production leases, which are operated by Santos Ltd, currently totals around 325 BOPD. Magellan has a 40.936% interest in the production leases and its share of proved and probable remaining recoverable reserves at 30 June 2004 is 89 ML (0.6 MMSTB) of oil.

Magellan has a portfolio of three exploration permits in Australia’s highly prospective Northwest Shelf area. The Company also operates exploration activities on a block in the Maryborough Basin, onshore Queensland, and is an applicant for a two adjacent permits, the grant of which is also subject to native title negotiations.

Magellan has exploration interests in two permits in the offshore Great South Basin of the South Island of New Zealand, and has interests in four exploration permits in the onshore Taranaki Basin of the North Island of New Zealand. The Company also has interests in six exploration and development licenses and eight application areas in the onshore portion of the Weald and Wessex Basins, in southern England in the United Kingdom.

Magellan is actively pursuing exploration and production opportunities in Australasia and the United Kingdom.