Magellan Provides Update on Australian Operations - Shares up 2%


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Magellan ( MPET ) shares are up nearly 2% as the company provided an update on its Australian operations.

According to MPET, in December 2012, Magellan successfully conducted, via a third-party contractor, a 3-D and 2-D seismic survey over its NT/P82 Exploration Permit in the Bonaparte Basin, offshore Northern Territory, Australia. Currently, the seismic data is being processed by CGGVeritas. The results of processing and interpreting the seismic data are expected to be available in or around May 2013.

The company added that remains focused on developing and executing a plan to bring Dingo gas to market and is in active discussions with potential customers regarding long-term gas supply from Dingo.

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This article appears in: Investing , Commodities

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