As some of you will be aware, Magellan is farming out 10% of PEL110 and 15% of PEL94 to UK-listed sub-junior Black Rock, subject on Black Rock getting a ASX listing.
We dont know what Black Rock paid for this, but as both PELs are in the outer ring (and mostly outside the Permian limit) I dont imagine they paid much over 1:1.
In any case, we're unlikely to see any drilling this year.
PEL110 is in the north-east of the Cooper, and 94 is in the south-west.
If Zulu and Dalray are drilled and come good, then it's likely to make 94 more prospective.
110 has dusters this year (Semaphore), but according to Cooper's web site showed oil in the old Santos Porthos and Crumpa wells.
94 had duds with Beach's Maslin and Waitpinga wells.
In summary, I'm not impressed with this acreage.
Ian Whitchurch
MAG Price at posting:
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