Project Profile
Value: Undisclosed
Location: Bonaparte Basin, 160 miles northwest of Darwin, Northern Territory, Timor Sea, Australia
Reserves: Unknown
Area: 2,500 square miles
Water Depth: from 30 to 500 feet
Start-up Year: -
In the Timor Sea, offshore Northern Territory, Australia, Magellan Petroleum Corp. holds a 100% interest in the NT/P82 Exploration Permit. NT/P82 is located 160 miles northwest of Darwin, Northern Territory, in the Timor Sea and covers 2,500 square miles of the Bonaparte Basin with water depths ranging from 30 to 500 feet. Under the terms of the permit, which is due to expire in May 2016, the company is committed to a minimum 46 square mile 3D seismic survey in 2012. Under license terms and pending seismic results, Magellan is also required to drill a well by May 2015. The company expects to incur US$4.5 million to shoot, process, and analyse the seismic.
Operators:
Magellan Petroleum Corp.: Operator with 100% interest
Contractors:
Seabird Exploration FZ LLC: Contract for the seismic recording vessel Voyager Explorer to undertake a 75 sq mile 3D and an 84 mile 2D seismic survey on the permit