Magellan Petroleum Corp. reported an update on the company’s oil and gas operations including production information and recent development activity on its properties in the United States, Australia and the United Kingdom.
Magellan Petroleum produced 172 million cubic feet of natural gas and 13,084 barrels of crude oil in the first quarter of 2011 from its Australian properties. The company is currently negotiating natural gas sales agreements to secure a buyer for its natural gas output.
Magellan Petroleum is active in the Weald Basin in England and recently participated in the Markwells Wood-1 well, an exploration well in the Horndean oil field. The company said that an assessment of the drilling logs indicate the presence of an oil bearing formation.
Magellan Petroleum reported net production of 16,879 barrels of oil from the company’s oil fields in Montana during the first quarter of 2011. The company’s average price was $81.24 per barrel.
Magellan Petroleum said that the company’s operations in Montana were disrupted during the quarter due to the poor weather conditions in the region. The company plans to begin a seven well recompletion program in Montana as soon as board approval is obtained.
For more information on the company, go to www.magellanpetroleum.com