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Magellan receives post-completion payment for sale of onshore Australia assets


Published Apr 18, 2014
Magellan Petroleum Corporation

Magellan Petroleum Corporation announced that on April 15, 2014, it received the final AUD $5 million payment contemplated by the Share Sale and Purchase Deed (the "Sale Deed") entered into with Central Petroleum Limited ("Central") for the sale of the Company's onshore Australia assets (the "Transaction"). Previously, the Company announced the completion of the Transaction on March 31, 2014.

In total, the Company has now received from Central AUD $20 million in cash and 39.5 million newly issued shares of Central stock, equivalent to an approximate 11% ownership interest. Magellan is now Central's single largest shareholder. Based on the Central closing price on April 16, 2014, this stock represents a total value of AUD $20.9 million, or a AUD $5.9 million increase over the issuance value of AUD $15 million as determined on the Execution Date.

Tags: Magellan Petroleum




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