This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Magellan Petroleum Announces Contract For 3-D And 2-D Seismic Survey Over Australian Offshore Block

DENVER, Nov. 1, 2012 /PRNewswire/ -- Magellan Petroleum Corporation (NASDAQ: MPET) today announced that it has executed a contract with Seabird Exploration FZ-LLC for the seismic recording vessel Voyager Explorer to undertake a 75 square mile 3-D and an 84 square mile 2-D seismic survey within Magellan's NT/P82 Exploration Permit ("NT/P82"), offshore Australia.  The seismic survey is expected to commence during the second week of December 2012 and to take approximately two weeks to complete.  Magellan plans to process and analyze the seismic data over the following three months to assess the presence and recoverability of hydrocarbons in NT/P82.

NT/P82 is an exploration license located in the Bonaparte Basin, 160 miles northwest of Darwin, Northern Territory, Australia, in which Magellan owns a 100% interest.  The water depths over the license are relatively shallow, ranging from 55 to 400 feet.  Under the terms of the license and pending the results of the seismic survey, Magellan is required to drill a well by May 2015.  The Company expects to incur a total of approximately $4.5 million on shooting, processing, and analyzing the seismic survey data. 

"This is an important milestone in Magellan's strategy to prove up the value of its assets.  Acquiring 3-D seismic for this block will give us a much better understanding of the nature and size of the potential hydrocarbon resources and will allow us to seek value from this asset.  Magellan expects to provide further information related to the results of this seismic survey and its plans for the future development of this license by the end of April 2013," commented Tom Wilson, President and CEO of Magellan.

CAUTIONARY INFORMATION ABOUT FORWARD LOOKING STATEMENTSStatements in this release that are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995.  Statements as to our strategy, plans or future financial or operating performance, and other statements that express management's expectations or estimates of future performance constitute "forward-looking statements".  The words "believe", "expect", "will", "anticipate", "contemplate", "target", "plan", "continue", "budget", "may", "intend", "estimate", and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual financial results, performance, or achievements of Magellan to be materially different from the Company's estimated future results, performance, or achievements expressed or implied by those forward-looking statements, and the forward-looking statements are not guarantees of future performance.  These statements may relate to Magellan's businesses, prospects, and other matters that involve a number of risks and uncertainties that may cause actual results to differ materially from the results expressed or implied in the forward-looking statements.  Among these risks and uncertainties are: (i) operational risks in development, exploration, and production; (ii) delays or changes in plans with respect to exploration or development projects or capital expenditures; (iii) risks associated with equipment procurement and equipment failure; (iv) fluctuations in oil and gas prices; (v) access to capital markets and other uncertainties related to funding; and (vi) those set forth in the Risk Factors sections of Magellan's most recent 10-K and subsequent 10-Qs filed with the SEC.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except as required by applicable law.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs