Magellan Petroleum Corporation announced that the Patron 1, an exploration well, the second well drilled under the PEL 93 farmin agreement, spudded in PEL 93 in the Cooper Basin of South Australia on September 20.

Patron 1 is located approximately 14.5 kilometers south of the Worrior oil field and 3.5 kilometers northwest of the Padulla oil field. The Patron prospect is located on the northwest flank of the Dirkala Ridge, adjacent to the Padulla oil field, on a smaller parallel faulted ridge.

The primary oil reservoir objectives in Patron 1 are the McKinlay Member of the Murta Formation and the Birkhead Formation, with secondary gas objectives in the Epsilon Formation and the Patchawarra Formation. The Patron 1 well, which is being operated by Stuart Petroleum, will take approximately 12 days to drill and evaluate, and is programmed to have a total depth of approximately 1,800 meters. RT. Magellan is funding 49% of the Patron 1 drilling costs.

MPAL entered into a farmin agreement with Stuart Petroleum, Cooper Energy and Red Sky Energy in July 2007, under which MPAL has the option to participate in exploration drilling in part of the PEL 93 area during the current term of the PEL 93 license. The Company will earn a 24.5% participating interest in any commercial discovery made by the drilling and any subsequent Petroleum Production License by funding 49% of the drilling costs.

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