NEW YORK, July 21, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on Magellan
Petroleum Corporation (NASDAQ: MPET). Select highlights from the
internally released reports are being made available to the general
public (included below), with access to the entirety of the
research available to new members.
Today, membership is open to readers on a complementary basis at
the following URL: http://www.aciassociation.com/?c=MPET
Highlights from our MPET Report include:
Creation of A Special Committee -- On July 6, 2015, Magellan Petroleum Corporation
(Magellan) announced the creation of a special committee which will
include independent members of the Board of Directors. As per the
Company, the Special Committee would identify, consider, negotiate,
and potentially implement all strategic alternatives available to
the Company, including, sales of some or all of the assets of the
Company, joint ventures, a recapitalization, and a sale or merger
of the Company. Magellan highlighted that the formation of the
Special Committee is not in response to any proposal received by
the Company or an approach by a third party
Project Updates -- Earlier on June
22, 2015, Magellan provided updates on its projects. As per
the Company, in its pilot program - Poplar, Magellan has completed
a detailed reservoir engineering study using data from the
CO2-enhanced oil recovery ("CO2-EOR") pilot and results of the same
show that nearly 80 to 100 MMboe may be recoverable from the B-1
and B-2 zones of the Charles formation at Poplar over approximately
40 years. Magellan highlighted that this estimate, which does
not constitute reserves as defined by the SEC, is nearly double the
amount of prior estimates.
Other Business Updates -- The Company informed
that the partners in Utah CO2 LLC
in which Magellan holds a 51% interest, would exercise their
Utah CO2's option to enter into an
agreement for long-term CO2 supply from Farnham Dome, Utah.. In another business update the Company
noted that, Central, in which Magellan holds an 11% ownership
stake, announced a definitive agreement to acquire operatorship of,
and 50% of the working interest in, the Mereenie Field from Santos.
The Company added that the acquisition is subject to regulatory
approvals and expansion of Central's existing debt facility
Management View -- Commenting on this strategic
development President and CEO J. Thomas
Wilson, said, "As we continue to implement the CO2-enhanced
oil recovery ("CO2-EOR") pilot program at Poplar over the next few
months and develop a comprehensive economic model for the project,
we believe that it is time to start considering the Company's
options."
To find out how this influences our rating on Magellan Petroleum
Corporation read the full report in its entirety here:
http://www.aciassociation.com/?c=MPET
http://ir.magellanpetroleum.com/press-releases/detail/360/magellan-announces-formation-of-special-committee-to-review-strategic-alternatives
http://ir.magellanpetroleum.com/press-releases/detail/358/magellan-provides-update-on-poplar-and-other-projects
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