Magellan Petroleum Spuds Burundi 1

Magellan Petroleum announces that the Burundi 1 near field exploration well spudded in PL 33 in the Cooper Basin of southwest Queensland on October 4th. Burundi 1 is the first of a two well drilling program planned for the Nockatunga area in October. The Maxwell 5 appraisal well in PL 50 will follow.

Burundi 1 is located approximately 7.5 kilometres south of the Nockatunga oil facility and 9.5 kilometres southwest of the Thungo oil field. The Burundi prospect is a 4-way dip closed structure located on the western end of the Karwin Complex, immediately updip of the Karwin Trough.

The primary oil reservoir objectives in Burundi 1 are the Murta Formation and the Birkhead Formation. The Burundi 1 well, which is being operated by Santos, is programmed to have a total depth of approximately 1436 metres RT.