Magellan Petroleum停止出售Weald资产

Magellan Petroleum Corporation (NASDAQ: MPET) today announced that the Company completed the sale of its 50% interests in Petroleum Exploration and Development License 234 in the Weald basin in the U.K. to UK Oil and Gas Investments PLC and settled its litigation with Celtique Energie Weald Limited.

On August 11 2016, Magellan Petroleum (UK) Limited, a wholly owned subsidiary of Magellan, completed the transactions contemplated by i) the Asset Transfer Agreement relating to the sale to UKOG of MPUK’s 50% interests in PEDLs 231, 234, and 243, ii) the Asset Transfer Agreement relating to the sale to UKOG of MPUK’s 22.5% interest in the Offshore Petroleum Licence P1916, and iii) the Settlement Agreement with Celtique. As a result of these agreements, including the Settlement Agreement, the Company received ￡446 thousand or approximately $577 thousand in cash and approximately 50.9 million shares of UKOG worth approximately $1.0 million as of August 12, 2016.

Antoine Lafargue, President and CEO of the Company, commented:’The closing of these transactions concludes a series of transactions, which, we believe, enabled Magellan to enter into a merger agreement with Tellurian Investments Inc. While we sold our interests in the central Weald basin, which were due to expire at the end of June 2016, we continue to hold a 35% interest in the Horse-Hill-1 well. The proceeds from these transactions will also ensure the Company is able to finance its activities until the closing of the merger with Tellurian, which is expected to occur shortly after the approval of the merger by the shareholders of the Company, which approval is expected to be sought during the fourth quarter of calendar year 2016.’