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Magellan Petroleum Corporation Message Board

  • ozlander Feb 2, 2011 10:33 AM Flag

    dog ate my homework

    Santos gives gasfield buyer more time to pay
    Matt Chambers From: The Australian February 02, 2011 12:00AM

    SANTOS has given the Russian-backed buyer of its stake in the Evans Shoal gasfield in the Timor Sea another four months to come up with the $100 million sale price, after an already extended deadline was missed.

    It is understood Magellan Petroleum now has until the end of May to pay the first $100m on the deal, which had originally been due before Christmas. In return for the extension Santos has pocketed $15m that had been held in escrow, while Magellan has put another $10m into escrow, leaving $75m remaining.

    Connecticut-based Magellan agreed to buy the field for $100m in March last year. It promised to pay an extra $50m when approval was given to produce from Evans Shoal and another $50m when first gas was produced.

    Magellan's major shareholder, with a 20 per cent stake, is Russian resources magnate Nikolay Bogachev. Mr Bogachev's company, Young Energy Prize, has agreed to provide the funds to complete the payment in return for a greater stake in Magellan.

    The writer of the article didn't even know Magellan is in Maine now, not Connecticut. He's only a couple years out of date.

    Also, I'm surprised he didn't reference Magellan's recent tax problems with the Australian gov't.

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