Hi Ya, posted the Magellan Amadeus Basin website text below. Interesting that the Dingo gas field [13 Bcf] is loacated within CTP's EP82 [Ooraminna2 tenement], yet believed to be uneconomic. ______________________________________________________________ Amadeus Basin Focus Area Magellan operates the Palm Valley gas field in the Amadeus Basin which in calendar 2007 supplied 3.7 PJ (3.2 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 226 Bcf and cumulative production to 31 December 2007 totalled 148.5 Bcf. Magellan holds a 52.023 percent working interest in the field and its share of remaining proved and probable recoverable gas reserves at 31 December 2007 was 42 Bcf. During the calendar 2007 the field produced sales gas at the rate of approximately 10 TJ (9 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 62 wells have been drilled on the field and during calendar 2007 oil and condensate production was approximately 0.336 MMSTB and gas sales were approximately 17 PJ (15 Bcf). The field produced oil and condensate at the rate of approximately 920 BOPD and sales gas at the rate of around 47 TJ (41 MMcf) per day during calendar 2007. Magellan's share of proved and probable remaining recoverable reserves at 31 December 2007 was 1.1 MMSTB of oil and condensate and 45 Bcf of gas.
A retention lease is held over the Dingo gas discovery. The development of the 13 Bcf gas resource is currently believed to be uneconomic and is therefore classified as contingent resources. Key MMcf Million cubic feet Bcf Billion cubic feet PJ Peta (1015)Joules BOPD Barrels of oil per day MMSTB Million stock tank barrels TJ Tera (1012) Joule ____________________________________________________________
CTP Price at posting:
33.5¢ Sentiment: Buy Disclosure: Held
