Magellan Petroleum Corporation Announces a New Pool Discovery in the East Poplar Unit and an Update for the Palm Valley Gas Field

Magellan Petroleum Corporation

through its wholly owned subsidiary, Nautilus Poplar, LLC has completed its EPU 117 well within the East Poplar Unit as a new pool producer in the Amsden formation at a depth of approximately 4800 feet. The well has just recently been completed and is currently producing approximately 106 barrels of oil per day with no appreciable water on a 10/64th choke with a flowing tubing pressure of 95 psi. This is the first production from this formation within the Unit. This well will be closely monitored to determine its ultimate commercial viability. Tom Wilson, President and CEO, said: "We are pleased to announce this new pool discovery. This Unit on the Poplar Dome has produced for decades, and continues to provide outstanding opportunities in a variety of different intervals. While it's still too early to make definitive statements regarding this well and this formation and their ultimate productivity, it is nevertheless an exciting discovery and reminder of the potential of this Unit."