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MPET News Research Magellan Petroleum Corp, Stock Trading Message Board
Yanerbie-1 due to spud Cooper Basin South Australia
HARTFORD, Conn., June 10 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation (NASDAQ:MPET) said that its 55-percent-held subsidiary, Magellan Petroleum Australia Limited, made the following release to the Australian Stock Exchange on Monday, June 6, 2005:
Announcement to ASX
Yanerbie-1 due to spud
Cooper Basin South Australia
Magellan Petroleum Australia Limited advises that the Yanerbie-1 exploration well in exploration permit PEL 110 is due to spud this week. The well is located some 150 km north of Moomba in South Australia.
Yanerbie-1 will target reservoir in the Hutton Sandstone and the Triassic Tinchoo Formation in a robust structural closure approximately 20 kilometres north of the Keleary oil field where the Tinchoo and Basal Jurassic Poolowanna Formations are oil productive. The Poolowanna Formation at Yanerbie-1 is a secondary target.
Yanerbie-1 is being drilled by PEL 110 operator, Beach Petroleum, and will utilise the Century Rig 3. It is anticipated that the well will take approximately 14 days to drill to its planned total depth of 2,554 metres and evaluate the sequence.
Magellan advises that it has reached agreement with Enterprise Energy NL to farmout a 6.25% interest in the Yanerbie Prospect. As a result of this farmout, Magellan's equity in the Yanerbie Prospect will reduce to 31.25%. Magellan will retain a 37.5% interest in the remainder of PEL 110. However the terms of the farmout agreement with Enterprise also gives that company an option to earn a 6.25% in the entire tenement by committing to funding further exploration expenditure after Yanerbie-1.
Yanerbie-1 Details:
Petroleum Title: PEL 110.
Location: Cooper Basin, South Australia.
Coordinates: Latitude: 26 degrees 54' 59.80" South.
Longitude: 140 degrees 37' 49.10" East (GDA 94).
Drilling Rig: Century Rig 3.
Total Depth: 2,534 metres RT.
Objective: The Jurassic Hutton Sandstone and Triassic Tinchoo
Formation are primary targets with the Poolowanna
Formation deemed a secondary objective
Current Operations: The well is due to spud this week.
Participants in the Yanerbie-1 well are:
Magellan Petroleum (Southern) Pty Ltd 31.25%
Beach Petroleum Ltd 31.25% (Operator)
Cooper Energy Limited 25.0%
Enterprise Energy NL 12.5%
Magellan Petroleum Records Third Quarter Profit
HARTFORD, Conn., May 18 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation (NASDAQ:MPET) reported a consolidated net profit of $105,000 on gross revenues of $6.0 million in its fiscal third quarter ended March 31st, as compared to a net profit of $142,000 (one cent a share) on revenues of $4.8 million in last year's third quarter.
For the nine-month period ended March 31st, the company posted a net loss of $267,000 (one cent a share) on $16.0 million in revenues, compared to a net profit of $703,000 (three cents a share) on revenues of $14.8 million in the prior period last year.
The Company is also pleased to announce that the operator of the Kotaneelee gas field in the Yukon Territory of Canada has notified the Company that the L-38 development well at the field was tied in during early May 2005 and has commenced production of natural gas. The Company has been informed by the operator that the L-38 well has been producing approximately 17 million cubic feet (mmcf/d) of natural gas per day. The Company has a 2.67% carried interest in the Kotaneelee field. As a carried interest partner the Company will not receive any gas sales revenues from the L-38 well until the drilling costs of the well are recovered by the operator.
Statements in this press release which are not historical in nature are intended to be, and are hereby identified as, forward looking statements for purposes of the "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. The Company cautions readers that forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward looking statements. Among these risks and uncertainties are pricing and production levels from the properties in which the Company has interests, and the extent of the recoverable reserves at those properties. In addition, the Company has a large number of exploration permits and faces the risk that any wells drilled may fail to encounter hydrocarbons in commercially recoverable quantities. The Company undertakes no obligation to update or revise forward- looking statements, whether as a result of new information, future events, or otherwise.
Comparative, consolidated results for the three and nine-month periods are shown in the following statement of income (loss):
MAGELLAN PETROLEUM CORPORATION
Consolidated Statement of Income (Loss)
(unaudited)
Three months ended Nine months ended
March 31, March 31,
2005 2004 2005 2004
Revenues:
Oil sales $2,018,033 $1,362,321 $5,419,392 $3,636,534
Gas sales 3,426,625 3,013,700 9,251,165 9,931,831
Other production related
revenues 551,330 463,274 1,356,971 1,265,893
Total revenues 5,995,988 4,839,295 16,027,528 14,834,258
Costs and expenses:
Production costs 1,477,850 1,277,313 4,321,781 4,055,062
Exploration and dry hole
costs 1,042,310 680,111 3,095,562 2,585,043
Salaries and employee
benefits 604,664 702,161 1,924,242 1,982,767
Depletion, depreciation and
amortization 1,918,223 1,581,332 5,372,640 4,324,933
Auditing, accounting and
legal services 81,180 89,470 363,088 329,875
Accretion expense 103,583 102,629 299,234 273,093
Shareholder communications 46,989 35,149 201,841 155,631
Other administrative
expenses 323,715 131,068 657,797 427,000
Total costs and expenses 5,598,514 4,599,233 16,236,185 14,133,404
Operating income (loss) 397,474 240,062 (208,657) 700,854
Interest Income 102,765 270,331 835,452 847,765
Income before income taxes,
minority interests 500,239 510,393 626,795 1,548,619
Income tax provision (101,967) (114,523) (259,764) (463,391)
Income before minority
interests 398,272 395,870 367,031 1,085,228
Minority interests (293,732) (254,052) (634,025) (381,758)
NET INCOME (LOSS) $104,540 $141,818 $(266,994) $703,470
Average number of shares
outstanding
Basic 25,783,243 25,741,343 25,783,243 25,602,693
Diluted 25,783,448 25,894,912 25,783,243 25,640,557
Net income (loss) per share
(basic and diluted) $-- $.01 $.01 $.03
Magellan Petroleum Corporation
