Magellan Petroleum Corporation, Portland, Maine, (Nasdaq: MPET) and Adelaide, Australia-based Santos Ltd. have now finalized discussions regarding an appropriate resolution of all remaining issues relating to the non-closure of the Evans Shoal transaction. The company and Santos have agreed that $10 million of the sums deposited in connection with the Evans Shoal transaction will be returned to the company and that the Asset Sale Deed should be terminated.
The process of unwinding the Evans Shoal transaction has allowed the company and Santos to look at their joint operations in the Northern Territory, Australia. This has lead to productive discussions towards rationalizing and more efficiently exploiting their respective interests in the Amadeus Basin, and creating new commercial opportunities. The company is working with Santos to satisfactorily conclude these discussions in the near term.
Recommended Reading
Exclusive: Kimmeridge’s Dell on Advancing Commonwealth LNG Amid DOE Pause
2024-09-27 - Kimmeridge’s Co-founder and Managing Partner Ben Dell details how Commonwealth LNG came to be and the future of the project as the company is optimistic on an FID in the first half of 2025, in this Hart Energy Exclusive interview.
Poten: North American LNG Projects to Double Capacity by 2027
2024-09-27 - Nine North American LNG export projects under construction will add an estimated 98.6 mtpa of capacity by the end of 2027, with 6 of them located in the U.S., according to Poten & Partners.
Woodside on the Prowl for Driftwood Partners, Gas Suppliers
2024-09-26 - Australian natural gas and LNG exporter Woodside Energy, which recently agreed to acquire Tellurian in a deal valued at $1.2 billion, isn’t yet looking to develop an upstream U.S. onshore position to secure gas for Driftwood LNG.
EIA: Natural Gas Storage Report (Nearly) Meets Market Expectations
2024-09-26 - Natural gas prices held steady on Sept. 26 after rallying through most of the month.
Saudi Signals Willingness to Weaken Oil Prices, Defend Market Share
2024-09-26 - Analysts caution that reports of Saudi Arabia abandoning a philosophy of supporting prices in favor of defending market share could be a move to get OPEC+ members in line rather than to launch a costly oil war with the U.S., among others.