2010-05-19-2010-03-25

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
$181.0MM
Description

To acquire 40% WI in assets offshore northern Australia in Bonaparte Basin.

Magellan Petroleum Australia Ltd., a subsidiary of Magellan Petroleum Corp., Portland, Maine, (Nasdaq: MPET) plans to acquire a 40% interest in a gas field offshore northern Australia from Santos Ltd., Adelaide, Australia, (Australia: STO) for US$91 million.

An additional US$90 million will be paid once gas production from the project has been stabilized.

Discovered in 1988, Evans Shoal Field is a large, undeveloped field in the Bonaparte Basin that has an estimated contingent gas resource of more than 6.6 trillion cubic feet, including carbon dioxide content.

Closing is expected to occur in second-half 2010.

Co-owners in the Evans Shoal joint venture are Petronas Carigali Pty Ltd. (25%), Shell Development Pty Ltd. (25%) and Osaka Gas Australia Pty Ltd. (10%).