Magellan Petroleum Corporation announced several updates with respect to its Australian operations. In December 2012, Magellan successfully conducted, via a third-party contractor, a 3-D and 2-D seismic survey over its NT/P82 Exploration Permit in the Bonaparte Basin, offshore Northern Territory, Australia. The seismic recording vessel Voyager Explorer, operated by Seabird Exploration FZ-LLC, acquired a total of 76 square miles of 3-D full fold data and 65 miles of 2-D full fold data. The survey was completed on time and approximately $500 thousand under budget. Currently, the seismic data is being processed by CGGVeritas. The results of processing and interpreting the seismic data are expected to be available in or around May. The Company remains focused on developing and executing a plan to bring Dingo gas to market in order to generate sustainable revenue from this asset. The Company is in active discussions with potential customers regarding long-term gas supply from Dingo. The Palm Valley field is expected to increase its run rate production to approximately 1.3 Bcf per year in the quarter ending March 31, 2014, and to produce at its full entitlement under the existing contract of 1.5 Bcf per year during the quarter ending June 30, 2015, when customers already under contract are scheduled to ramp-up demand for gas deliveries.
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