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%
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