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Magellan Petroleum Corporation Message Board

  • monty3card monty3card May 31, 2011 11:49 PM Flag

    $15 million NON-REFUNDABLE deposit

    SYDNEY, June 1 | Tue May 31, 2011 7:14pm EDT
    (Reuters) - Santos

    * Sale of 40% working interest in NT/P 48 (Evans Shoal) in the Bonaparte Basin to Magellan Petroleum Australia will not complete because the conditions to completion have not been satisfied by the 31 May 2011 deadline.

    * Santos will retain its 40% interest in NT/P 48 and will remain as operator of the permit. Santos will also retain a A$15 million non-refundable deposit paid by Magellan. (Reporting by Balazs Koranyi)

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