Finally, the Company reported that it has begun an assessment plan of the potential of the 100% owned Charles formation within the East Poplar Unit for a CO2 enhanced oil recovery project ("EOR"). The first test results of oil samples from the Charles interval suggest that oil from this formation has the requisite miscibility to imply that it is susceptible to CO2 flooding. The Company expects to receive additional laboratory test results on these oil samples within the next few weeks.Tom Wilson, President and CEO, stated: "This first quantitative result showing that our oil is very likely miscible to CO2 corroborates our belief that the Charles interval possesses the physical characteristics for a CO2-EOR program. While much work remains, this result encourages us to proceed with next steps in the realization of this project."
Magellan Petroleum Reports Poplar Developments
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