The transaction is subject to pre-emptive rights by the other Joint Venture parties, the execution of a formal sale and purchase agreement and related Joint Venture and Government approvals.
The acquisition represents a logical step in building the Cooper–Eromanga Basin of South Australia and Queensland as a core area of activity for Magellan. The purchase augments an already solid exploration acreage base with Magellan's interests in PEL's 94, 95, 110 and PELA 116 in South Australia.
Magellan's Cooper-Eromanga Basin drilling campaign is set to restart in September with the Waitpinga 1, Seacliff 1 and Semaphore 1 wells, drilled in joint venture with our Operator, Beach Petroleum. It is anticipated that Magellan will be involved in additional drilling activity this year in the Nockatunga Project.
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