Magellan Petroleum Corp. (MPET, Financial) filed Annual Report for the period ended 2010-06-30.
Magellan Petroleum Corp. has a market cap of $96.9 million; its shares were traded at around $1.85 with and P/S ratio of 3.4. Magellan Petroleum Corp. had an annual average earning growth of 3% over the past 10 years.MPET is in the portfolios of Jim Simons of Renaissance Technologies LLC.
sales were approximately $11.6 million (net of royalties) or 85% of total gas sales for the year ended June 30, 2010 and $12.4 million (net of royalties) or 85% of total sales for the year ended June 30, 2009.
Based on its available cash on hand, and the expected liquidity to be generated from the Companys Australian and U.S. operations during the remainder of 2010, the Company will need to raise additional debt or equity financing from third parties to complete this acquisition. The Company is currently working towards new equity financing options to raise sufficient funds to complete the Evans Shoal acquisition and its other requirements for capital resources over the next 12 month period, which are estimated to be approximately (AUS) $85 million. In the event the Company is unable to make the required payment on or before December 25, 2010 or to extend the time, under certain circumstances the Company could lose its rights to the (Aus) $15 million deposit.
(22.5%) adjacent to PEDL 098 for an initial exploration term of six years. The license has a drill or drop obligation at the end of its initial exploration term. An exploration well has to be drilled within the first six years of the initial term in order for the license to be extended into the next five-year license term, as was the case for PEDL 098. At June 30, 2010, MPALs share of the work obligations of the PEDL 098 and PEDL 240 licenses totaled $1,484,000, of which $77,000 was committed.
At June 30, 2010, MPALs share of the work obligations of the PEDL 153, PEDL 154, PEDL 155 & PEDL 256 licenses totaled $3,901,000, of which $1,753,000 was committed.
Effective July 1, 2008, MPAL (50%) and its joint venture partner were granted interests in PEDL 231, PEDL 232, PEDL 234 and PEDL 243 located in the central Weald Basin of southern England. Each license has a drill or drop obligation at the end of its initial exploration term and expires in June 2014. At June 30, 2010, MPALs share of the work obligations of the PEDL 231, PEDL 232, PEDL 234 & PEDL 243 licenses totaled $12,110,000 of which $340,000 was committed.
Read the The complete Report
Magellan Petroleum Corp. has a market cap of $96.9 million; its shares were traded at around $1.85 with and P/S ratio of 3.4. Magellan Petroleum Corp. had an annual average earning growth of 3% over the past 10 years.MPET is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
In March 2010, MPAL entered into an agreement with Santos to purchase Santos 40% interest in the Evans Shoal natural gas field, located in the Bonaparte Basin offshore Northern Australia. The field has a contingent gas resource in excess of 6.6 trillion cubic feet (Tcf), including carbon dioxide (CO2) gas content. Under the agreement, Magellan is obligated to pay Santos time-staged cash consideration equal to (AUS) $100 million for its interest in Evans Shoal. Magellan would also pay additional contingent payments to Santos of (AUS) $50 million upon a favorable partner vote on any final investment decision to develop Evans Shoal and (AUS) $50 million upon first stabilized gas production from NT/P 48. Closing and completion of the purchase is subject to regulatory and other approvals and is expected to occur in the second half of calendar 2010. See Note 10 for further discussion.sales were approximately $11.6 million (net of royalties) or 85% of total gas sales for the year ended June 30, 2010 and $12.4 million (net of royalties) or 85% of total sales for the year ended June 30, 2009.
Based on its available cash on hand, and the expected liquidity to be generated from the Companys Australian and U.S. operations during the remainder of 2010, the Company will need to raise additional debt or equity financing from third parties to complete this acquisition. The Company is currently working towards new equity financing options to raise sufficient funds to complete the Evans Shoal acquisition and its other requirements for capital resources over the next 12 month period, which are estimated to be approximately (AUS) $85 million. In the event the Company is unable to make the required payment on or before December 25, 2010 or to extend the time, under certain circumstances the Company could lose its rights to the (Aus) $15 million deposit.
(22.5%) adjacent to PEDL 098 for an initial exploration term of six years. The license has a drill or drop obligation at the end of its initial exploration term. An exploration well has to be drilled within the first six years of the initial term in order for the license to be extended into the next five-year license term, as was the case for PEDL 098. At June 30, 2010, MPALs share of the work obligations of the PEDL 098 and PEDL 240 licenses totaled $1,484,000, of which $77,000 was committed.
At June 30, 2010, MPALs share of the work obligations of the PEDL 153, PEDL 154, PEDL 155 & PEDL 256 licenses totaled $3,901,000, of which $1,753,000 was committed.
Effective July 1, 2008, MPAL (50%) and its joint venture partner were granted interests in PEDL 231, PEDL 232, PEDL 234 and PEDL 243 located in the central Weald Basin of southern England. Each license has a drill or drop obligation at the end of its initial exploration term and expires in June 2014. At June 30, 2010, MPALs share of the work obligations of the PEDL 231, PEDL 232, PEDL 234 & PEDL 243 licenses totaled $12,110,000 of which $340,000 was committed.
Read the The complete Report
