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Weekly Drilling Report
Another successful drill

Maryborough Basin - Queensland
The Burrum-2 well, the second of the two coal seam gas well program in ATP 613P in the Maryborough Basin of southeast Queensland, spudded on 8 March. The wells are designed to evaluate the coal seam potential of the previously unexplored Burrum Coal Measures in the northern portion of the Burrum Syncline. At 06:00 hrs on 14 March Burrum-2 was at a depth of 390 metres. Several coal seams have been intersected and sampled for desorption analysis.
Eureka Petroleum, a wholly-owned subsidiary of Energy Investments Limited, is funding 100% of a two-staged coal seam gas exploration program, in return for which it will be assigned a 90% working interest in the Burrum Syncline farmin area. Stage 1 comprises the current two-well program. Magellan has the right to back-in to retain up to a 50% participating interest in any development by matching Eureka’s prior expenditures.

Burrum-2 Details:
Petroleum Title: ATP 613P Queensland
Location: Approximately 2 km northeast of the township of Howard and approximately 55 km north of the city of Maryborough
Coordinates: MGA 94 56457785E 7200350S
JV Operator: Magellan Petroleum Corporation
Drilling Rig: Depco Rig 22 - UDR 1200
Proposed Total Depth: 600 metres
Objectives: Coals of the Burrum Coal Measures
Operations for period: Burrum-2 spudded on 4 March 2007 and was drilled in open hole to a depth of 115 m. The well was then fully cored and at 06:00 hrs on 14 March was at a depth of 390 m.
Progress for Period: 390 metres.
Participants in Burrum-2 are:
Magellan Petroleum Corporation (Operator) 10%
Energy Investments Limited 90%