The well is currently producing about 106 barrels of oil per day with no appreciable water on a 10/64th choke with a flowing tubing pressure of 95 psi.
The company said this is the first production from this formation within the unit and the well will be closely monitored to determine its ultimate commercial viability.
Magellan, through its Australian subsidiary, has also commenced work in the Palm Valley gas field located in the Amadeus Basin of the Northern Territory to retrofit existing production and compression facilities to allow gas to be delivered from this field to a new buyer.
Deliveries to this new purchaser are expected to begin by 1 February 2012.
