Magellan Petroleum Corp. Company News

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Magellan Sells Australia's Mereenie Field Bonus Rights to Macquarie Bank
Magellan Petroleum Corp. sells bonus rights for the Mereenie oil and gas field in Australia's Amadeus Basin to Macquarie Bank for $2.5 million.
8:00 PM EST | May 19, 2016
Magellan Reappoints Ex-Chief Financial Officer
Junior energy firm Magellan Petroleum Corporation announces the appointment of Antoine J. Lafargue as the company's new Senior Vice President – Chief Financial Officer, Treasurer and Corporate Secretary.
8:00 PM EST | June 10, 2015
Oilfield Discovered Onshore UK near London's Gatwick Airport
Several UK-focused oil explorers believe there at up to 20 million barrels of oil at a new field discovered near Gatwick Airport in southern England.
8:00 PM EST | October 23, 2014
Central Petroleum to Acquire Magellan's Australian Assets for $32M
Central Petroleum agrees to acquire Magellan Petroleum's onshore assets in Australia for $31.5 million.
7:00 PM EST | February 18, 2014
Solo Buys 10% Stake in Horse Hill Development
Solo Oil buys a 10-percent stake in the PEDL137 (Horse Hill) license onshore southern England.
7:00 PM EST | February 04, 2014
Stratex Bids to Acquire Magellan Petroleum
Stratex Oil & Gas Holdings, Inc. announced that it has made an offer to acquire Magellan Petroleum for $2.30 per share in cash and stock.
8:00 PM EST | August 27, 2012
Magellan Touts New Pool Discovery in Montana
Magellan Petroleum 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.
7:00 PM EST | January 26, 2012
Magellan Finalizes Rationalization of AU Amadeus Assets
Following the farm out to Vaalco of the deep formations in the Poplar fields in Montana, Magellan has entered into an agreement to complete the rationalization of its asset portfolio in the Amadeus basin, Australia.
8:00 PM EST | September 14, 2011
VAALCO Acquires Bakken Interest in Montana
VAALCO Energy has entered into a definitive agreement with Magellan Petroleum Corporation to acquire and develop an operating working interest in approximately 23,000 net mineral acres of oil, gas and mineral leases in Roosevelt County, Montana.
8:00 PM EST | September 08, 2011
Magellan, Santos Finalize Evans Shoal Talks
Magellan and Santos have now finalized discussions regarding an appropriate resolution of all remaining issues relating to the non-closure of the Evans Shoal transaction.
8:00 PM EST | July 24, 2011
Santos' Evans Shoal Sale Falls Through
Santos announced the termination of the Evans Shoal transaction.
8:00 PM EST | May 31, 2011
Magellan Petroleum Updates Current Ops
Magellan Petroleum provided updates to its current operations in Australia, the United Kingdom, and Montana.
8:00 PM EST | May 16, 2011
Magellan Enters Investment Agreement for Evans Shoal Stake
Magellan Petroleum and Young Energy Prize executed an Investment Agreement to fund money to complete the acquisition of Santos' 40% interest in the Evans Shoal field.
7:00 PM EST | February 17, 2011
Magellan, Santos Extend Evans Shoal Stake Sale
Magellan and Santos have agreed to extend the closing date for the sale of Santos' 40% stake in the Evans Shoal gas field located offshore Northern Territory, Australia.
7:00 PM EST | January 31, 2011
Magellan Touts Total of 9.6 Mmboe in O&G Reserves
Magellan reported total proved oil and natural gas reserves as of June 30, 2010 were 9.7 MMBOE, consisting of 9.48MMbbls of crude oil and 1.53Bcf of natural gas.
8:00 PM EST | September 27, 2010
Australian FIRB OKs Magellan's Acquisition
Australia's Foreign Investment Review Board has indicated they have "no objection" to Magellan's acquisition of Santos' interest in the Evans Shoal field.
8:00 PM EST | June 08, 2010
Magellan Expands Presence Offshore Australia
Magellan will purchase Santos' 40% interest in the Evans Shoal natural gas field (NT/P48), located in the Bonaparte Basin offshore Northern Australia.
8:00 PM EST | March 25, 2010
Magellan Picks Up Exploration Permit Offshore Australia
Magellan has accepted an offer from the Commonwealth - Northern Territory Offshore Petroleum Joint Authority for the grant of an exploration permit offshore Australia.
8:00 PM EST | March 23, 2010
Magellan Petroleum Completes Montana Consolidation
Magellan Petroleum has completed a consolidation of interests at the East Poplar Unit and North West Poplar fields in Roosevelt County, Montana.
7:00 PM EST | March 10, 2010
Magellan Says Hello to New CFO and Treasurer
Magellan announced the appointment of William E. Begley, Jr. as its new Chief Financial Officer (CFO) and Treasurer.
7:00 PM EST | February 10, 2010
Magellan Banks $9.7MM for Fiscal 2Q 2009
Magellan Petroleum reported consolidated net income of $1.6 million ($.03 per share) on gross revenues of $9.7 million for its fiscal second quarter ended December 31, 2009.
7:00 PM EST | February 07, 2010
Drillsearch Eyes Magellan's Cooper Basin Acreage
Drillsearch has executed an agreement to purchase Magellan Petroleum (Southern) Pty Limited to gain key acreage in the Cooper Basin for a $550,000 consideration of its assets.
7:00 PM EST | January 19, 2010
Magellan Provides Status of Mereenie Gas Sales
Magellan has provided a status update for gas volume sales at its Mereenie gas and oil field in Australia.
7:00 PM EST | December 28, 2009
Magellan: Sale of Cooper Basin Assets Pending
Magellan Petroleum announced the pending sale of all its assets located in the Cooper Basin, Australia, subject to closing of final sale agreements.
7:00 PM EST | December 06, 2009
Magellan Clinches Montana Oil Aquisition, Updates on European Activities
Magellan Petroleum has completed a Montana oil acquisition and provides commercial updates on Australian and European activities.
8:00 PM EST | October 15, 2009
Magellan Underscores E&P Activities for Quarter Ended June 2009
Magellan Petroleum has announced its production and exploration activities for the quarter ended June 30, 2009.
8:00 PM EST | August 05, 2009
Magellan Closes $10MM Strategic Investment
"We believe the closing of YEP's investment demonstrates a vote of confidence in Magellan and its strategic plan," said Walter McCann, Magellan's Chairman of the Board.
8:00 PM EST | July 08, 2009
Magellan Petroleum Releases Quarterly Financial Results
Magellan's President and Chief Executive Officer, William H. Hastings said, "Weak energy markets coupled with production declines negatively affected year over year performance through March 31, 2009."
8:00 PM EST | May 10, 2009
Magellan Petroleum Highlights E&P Activities for the First Quarter
Magellan Petroleum announced its production and exploration activities for the quarter ended March 31, 2009.
8:00 PM EST | April 29, 2009
Magellan Agrees to Amend Terms of Strategic Investment
Magellan has agreed to amend the securities purchase agreement with Young Energy Prize S.A., by which YEP will make a strategic $10 million equity investment in the company.
8:00 PM EST | April 07, 2009
Magellan Issues Interim Update on Australian, UK Asset Developments
Magellan Petroleum has issued an interim production, development and exploration update for its Australian and UK assets.
7:00 PM EST | January 29, 2009
Cooper Energy Reports on PEL110 Exploration Permit's 5-Year Renewal
Cooper Energy reported that the PEL110 exploration permit in the Cooper Basin has been renewed for a second 5 year term.
7:00 PM EST | December 18, 2008
Magellan Names Hastings New President, CEO
Magellan has announced the appointment of William H. Hastings as its new President and Chief Executive Officer and related changes to its Board of Directors.
7:00 PM EST | December 14, 2008
Magellan Reports $1.5MM Net Income for Third Quarter
Magellan has reported consolidated net income of $1.5 million, or $.04 per share on gross revenues of $10.4 million in its fiscal first quarter ended September 30, 2008.
7:00 PM EST | November 17, 2008
Magellan Reviews Quarterly Production for Australia, Canada & UK
Magellan has announced its Australian, Canadian and UK production and exploration activities for the quarter ended September 30, 2008.
8:00 PM EST | October 26, 2008
Magellan's Gross Revenues Up 33% in FY08
Magellan Petroleum has reported consolidated results for the fiscal year ended June 30, 2008. Results were mixed and included a 33% increase in gross revenues to $40.9 million.
8:00 PM EST | September 25, 2008
Magellan Highlights E&P Activities in Australia, UK
Magellan Petroleum issued an activities report for the quarter ended June 30, 2008, which includes information concerning Australian production and exploration activities in the United Kingdom.
8:00 PM EST | July 29, 2008
Magellan Scoops Up 7 Exploration Licenses in 13th UK Licensing Round
Magellan Petroleum Corporation has been successful in its bidding for Petroleum Exploration and Development Licenses (PEDLs) under the 13th UK Landward Licensing Round, nabbing seven licenses in the process.
8:00 PM EST | June 01, 2008
Magellan Introduces Entry-level, Professional GIS, Mapping Solution
The MobileMapper 6 is a Windows Mobile 6 open platform, unlike competing consumer-type units, it offers full compatibility with popular GIS software to enable companies to select and use the GIS software of choice.
7:00 PM EST | February 18, 2008
Magellan's Q2 Earnings Drop on Gross Revenues
Magellan Petroleum reported a consolidated net loss of $9.7 million on gross revenues of $10.4 million in its fiscal second quarter ended December 31, 2007, as compared to a net loss of $8,000 on revenues of $8.4 million in last year's Q2.
7:00 PM EST | February 13, 2008
Magellan Announces Tax Settlement With Australian Taxation Office
Magellan Petroleum Australia Limited has reached an agreement to settle an ongoing dispute between MPAL and the Australian Taxation Office for an aggregate settlement payment by MPAL to the ATO of (Aus.) $14.6 million (U.S. $13.1 million).
7:00 PM EST | February 06, 2008
Magellan Approves a Reverse Stock Split, Elects Directors
At its annual meeting of shareholders held on Dec. 6 in Hartford, Connecticut, Magellan Petroleum's shareholders overwhelmingly voted in favor of a resolution to authorize the Magellan board of directors to implement a reverse split of common stock.
7:00 PM EST | December 11, 2007
Magellan's Maxwell 5 PL 50 Oil Shows Encouraging
Magellan Petroleum's Maxwell 5 PL 50, located in the Cooper Basin of southwest Queensland, reached total depth of 1,001 meters and good oil shows were encountered in the Murta Formation during drilling.
8:00 PM EST | October 18, 2007
Magellan Petroleum Says Patron 1 a Duster
Magellan Petroleum says the Patron 1 exploration well, the second well drilled under the PEL 93 farmin agreement in the Cooper Basin of South Australia, has been plugged and abandoned without encountering commercial hydrocarbons.
8:00 PM EST | October 02, 2007
Rainbird 1 PEL 93 to be Plugged and Abandoned
Magellan reports that Rainbird 1 PEL 93 will be plugged and abandoned due to wirelogs indicating that there were no comercial hydorcarbons in the Cretaceous or Jurassic-aged objective horizons.
8:00 PM EST | August 20, 2007
Magellan Reports Update on Rainbird 1
Magellan Petroleum reports that the Rainbird 1 exploration well in PEL 93 was at a depth of 2004 meters in the Patchawarra Formation and drilling ahead to basement.
8:00 PM EST | August 16, 2007
Magellan Petroleum Signs Farm-in Agreement for Rainbird Prospect
Red Sky Energy and Magellan Petroleum have signed farmin agreement for the Rainbird Prospect. Each will pay 49% of the Rainbird 1 well costs to earn a 24.5% interest each in any commercial discovery.
8:00 PM EST | August 01, 2007
Beach Spuds Telowie-1 in Cooper Basin
Beach Petroleum Limited, the operator for PEL 94, that the Telowie-1 exploration well commenced drilling at 6:30 p.m. Central Daylight Time (CDT), on Friday, according to Victoria Petroleum N.L.
7:00 PM EST | February 25, 2007
Beach Spuds Tunkalilla-1 in Cooper Basin
Victoria Petroleum N.L. said that Beach Petroleum Limited, the Operator for PEL 94 in Australia's Cooper Basin, spudded the Tunkalilla-1 exploration well at 7 p.m. Central Daylight Time (CDT) on Tuesday.
7:00 PM EST | February 14, 2007
Magellan to Withdraw Boston Stock Exchange Listing
Magellan Petroleum Corporation announced its intent to withdraw the listing of its common stock on the Boston Stock Exchange.
7:00 PM EST | January 04, 2007