|By Marketwired .||
|June 3, 2014 06:05 AM EDT||
DENVER, CO--(Marketwired - June 03, 2014) - Magellan Petroleum Corporation (NASDAQ: MPET) ("Magellan" or the "Company") today announced plans for two exploration wells to be drilled during 2014 within the Company's license areas in the UK. The Company's partner Angus Energy ("Angus") has announced plans to spud in July 2014 an exploration well on the Horse Hill prospect located within the Petroleum Exploration and Development License ("PEDL") 137 area. Angus will carry 100% of Magellan's costs for this well, after which the Company will retain a 35% working interest in the well and the PEDL. Later in 2014, the Company plans to fund its 50% share of a well to be drilled by its partner Celtique Energie ("Celtique") at Broadford Bridge, located within the license area of PEDL 234.
Both wells will be drilled vertically and completed without the use of hydraulic fracturing and ultimately target conventional Triassic gas plays. However, during drilling, Magellan will have the opportunity to core and log various shale and tight formations in the Cretaceous and Jurassic sections of the Weald Basin.
The Weald Basin, which is located southwest of London, underlays substantially all of Magellan's 347,000 gross (162,000 net) acres of exploration and development licenses in the UK. Three of these licenses, PEDLs 231, 234, and 243, which the Company co-owns equally with Celtique, cover the depocenter of the basin. A map delineating the Company's acreage position can be found at www.magellanpetroleum.com/operations/united-kingdom. On May 23, 2014, the British Geological Survey ("BGS"), in association with the UK Department of Energy and Climate Change ("DECC"), publicly released a report (the "BGS Report") on the hydrocarbon resource potential of the Jurassic shale formations in the Weald Basin. The BGS Report estimated that a combined total of between 2.2 billion and 8.6 billion barrels of oil are in place in five shale formations within the basin, with a median estimated quantity of oil in place of 4.4 billion barrels. The BGS Report did not study or assess the hydrocarbon resource potential of tight formations.
J. Thomas Wilson, President and CEO of Magellan, commented, "The median estimate of 4.4 billion barrels of liquid resource in the Weald is, in our opinion, a very encouraging target. Magellan believes that this figure may be supplemented with additional resources contained in tight formations present between the thick shale packages of the Jurassic and Cretaceous sections. The two wells planned in 2014, in addition to providing us exposure to attractive conventional plays, will provide invaluable data for validating the BGS's findings on the shale formations and our expectations for the tight formations."
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
Statements in this press release, including forecasts or projections that are not historical in nature, are intended to be, and are hereby identified as, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "anticipate", "assume", "believe", "budget", "estimate", "evaluate", "expect", "forecast", "intend", "should", "initial", "plan", "project", and similar expressions are intended to identify forward-looking statements. These statements about the Company may relate to its businesses and prospects, planned capital projects and expenditures, increases or decreases in oil and gas production and reserves, estimates regarding resource potential, revenues, expenses and operating cash flows, and other matters that involve a number of uncertainties that may cause actual results to differ materially from expectations. Among these risks and uncertainties are the following: whether the BGS Report accurately estimates the hydrocarbon resource potential of the Weald Basin; the potential of hybrid plays, tight rock formations, and conventional Triassic plays in the Weald Basin; the value of our UK acreage position; the success of coring and logging programs; the uncertain nature of oil and gas prices in the United States; uncertainties inherent in projecting future rates of production from drilling activities; the uncertainty of drilling and completion conditions and results; the availability and cost of drilling, completion, and operating equipment and services; and other matters discussed in the "Risk Factors" section of The Company's most recent Annual Report on Form 10K and most recent Quarterly Report on Form 10Q. Any forward-looking information provided in this release should be considered with these factors in mind. The Company assumes no obligation to update any forward-looking statements contained in this report, whether as a result of new information, future events, or otherwise.
Magellan Petroleum Corporation is an independent oil and gas exploration and production company focused on the development of a CO
For further information, please contact:
Manager, Investor Relations
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Apr. 27, 2015 08:45 AM EDT Reads: 5,132
Chuck Piluso will present a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Speaker Bio: Prior to Data Storage Corporation (DSC), Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of ...
Apr. 27, 2015 08:30 AM EDT
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborat...
Apr. 27, 2015 08:30 AM EDT Reads: 5,840
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make sm...
Apr. 27, 2015 08:15 AM EDT Reads: 3,902
SYS-CON Events announced today that SoftLayer, an IBM company, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015 at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place November 3–5, 2015 at the Santa Clara Convention Center in Santa Clara, CA. SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points...
Apr. 27, 2015 08:00 AM EDT Reads: 2,817
WebRTC Summit has announced today that Peter Dunkley has been named summit chair of WebRTC Summit 2015 New York. The 4th International WebRTC Summit will take place on June 9-11, 2015, at the Javits Center in Manhattan, New York. @ThingsExpo anticipates 90% of WebRTC companies & developers will monetize their products & services through IoT by 2016. Peter Dunkley is Technical Director at Acision. He graduated from The University of Edinburgh in 2000 with a BSc (Hons) in Computer Science...
Apr. 27, 2015 08:00 AM EDT Reads: 2,194
Participants will reach the final if their IoT solution is liked. A community vote will determine the best solutions submitted in each country, after which an expert jury will select the national winners and the best international IoT solution. Each country's best solution can win a national marketing campaign worth up to €30,000 and become a partner in Deutsche Telekom's participating markets. The winning international solution can become partner of Deutsche Telekom Group across all eight coun...
Apr. 27, 2015 08:00 AM EDT Reads: 1,252
Recent technology advances in miniaturization has positioned the wearables as the pinnacle of technology convergence with the human body. We inquire if wearables are mere standard miniaturized devices extended with the connectivity and present our views on considerations like design, applications, performance, efficiency, interoperability, usage scenarios, human device interaction and consequent trade-offs enabling wearables to impart optimal value.
Apr. 27, 2015 08:00 AM EDT Reads: 1,174
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, p...
Apr. 27, 2015 08:00 AM EDT Reads: 5,219
In this session we look at creating interactive communications via the web by adding messaging, file transfer, and group communication (group chat and audio/video conferencing) into the web experience. We will also discuss potential applications of this technology in areas including B2B, B2C, P2P, and gaming. Peter is Technical Director at Acision. He graduated from The University of Edinburgh in 2000 with a BSc (Hons) in Computer Science. After graduation Peter worked on a PSTN switch dev...
Apr. 27, 2015 08:00 AM EDT Reads: 1,232
The WebRTC Summit 2015 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
Apr. 27, 2015 07:45 AM EDT Reads: 2,468
SYS-CON Events announced today that Stratoscale, the new data center operating system, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Based in Herzeliya, Israel, Stratoscale is redefining the data center, developing a hardware-agnostic, software platform hyper-converging compute, storage and networking across the rack or data center. The self-optimizing platform automatically distributes all physical...
Apr. 27, 2015 07:45 AM EDT Reads: 1,753
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ...
Apr. 27, 2015 07:30 AM EDT Reads: 1,790
SYS-CON Events announced today that Emcien will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Emcien’s vision is to let anyone use data to know the future. Emcien has built an automated, predictive analysis product that improves the lives of real people. Emcien allows people to automate their data analysis so they can build a better future.
Apr. 27, 2015 07:15 AM EDT Reads: 1,729
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures...
Apr. 27, 2015 07:00 AM EDT Reads: 2,552