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.
Magellan is an independent energy company engaged in the exploration, development, production, and sale of crude oil and natural gas from currently held assets in the United States, Australia, and the United Kingdom. Traded on NASDAQ since 1972, the Company conducts its operations through two wholly owned subsidiaries, Nautilus Poplar LLC, which owns interests at Poplar, a highly attractive oil field in the Williston Basin, and Magellan Petroleum Australia Limited, a successful independent oil and gas company in Australia and the UK in existence since 1964. The Company's mission is to enhance shareholder value by maximizing the full potential of existing assets. Magellan routinely posts important information about the Company on its website at www.magellanpetroleum.com.
SOURCE Magellan Petroleum Corporation
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