Magellan Petroleum Corp. said May 19 that it sold all of its rights to purchase certain bonus payments related to the Mereenie Field in the Amadeus Basin in Australia to Macquarie Bank Ltd. for AU$3.45 million.
On May 18, Magellan entered into and completed a sale and purchase deed with Macquarie to sell the bank all of its rights to the bonus payments, which are based upon sales of hydrocarbons from the field ranging from 2,500 barrels of oil equivalent per day (boe/d) to 10 Mboe/d; they could range from AU$5 million to AU$17.5 million.
J. Thomas Wilson, president and CEO of Magellan, said that Mereenie’s current estimated production is less than 1 Mboe/d, and noted that the Mereenie bonus was not recorded in Magellan’s condensed consolidated financial statements.
Magellan Petroleum Corp. is based in Denver.
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