NEW YORK, July 21, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on Magellan Petroleum Corporation (NASDAQ: MPET). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.
Today, membership is open to readers on a complementary basis at the following URL: http://www.aciassociation.com/?c=MPET
Highlights from our MPET Report include:
Creation of A Special Committee -- On July 6, 2015, Magellan Petroleum Corporation (Magellan) announced the creation of a special committee which will include independent members of the Board of Directors. As per the Company, the Special Committee would identify, consider, negotiate, and potentially implement all strategic alternatives available to the Company, including, sales of some or all of the assets of the Company, joint ventures, a recapitalization, and a sale or merger of the Company. Magellan highlighted that the formation of the Special Committee is not in response to any proposal received by the Company or an approach by a third party
Project Updates -- Earlier on June 22, 2015, Magellan provided updates on its projects. As per the Company, in its pilot program - Poplar, Magellan has completed a detailed reservoir engineering study using data from the CO2-enhanced oil recovery ("CO2-EOR") pilot and results of the same show that nearly 80 to 100 MMboe may be recoverable from the B-1 and B-2 zones of the Charles formation at Poplar over approximately 40 years. Magellan highlighted that this estimate, which does not constitute reserves as defined by the SEC, is nearly double the amount of prior estimates.
Other Business Updates -- The Company informed that the partners in Utah CO2 LLC in which Magellan holds a 51% interest, would exercise their Utah CO2's option to enter into an agreement for long-term CO2 supply from Farnham Dome, Utah.. In another business update the Company noted that, Central, in which Magellan holds an 11% ownership stake, announced a definitive agreement to acquire operatorship of, and 50% of the working interest in, the Mereenie Field from Santos. The Company added that the acquisition is subject to regulatory approvals and expansion of Central's existing debt facility
Management View -- Commenting on this strategic development President and CEO J. Thomas Wilson, said, "As we continue to implement the CO2-enhanced oil recovery ("CO2-EOR") pilot program at Poplar over the next few months and develop a comprehensive economic model for the project, we believe that it is time to start considering the Company's options."
To find out how this influences our rating on Magellan Petroleum Corporation read the full report in its entirety here: http://www.aciassociation.com/?c=MPET
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