Magellan Petroleum CEO Presents Letter to Shareholders
Magellan Petroleum Corporation (NASDAQ: MPET) CEO John Thomas Wilson issued the following letter to shareholders:
In recent months, Magellan has made significant progress towards adjusting our corporate platform and realigning our capital structure and shareholder base. While I am proud of our achievements, I believe that Magellan will only deliver true value creation for its shareholders from developing our oil and gas assets. Towards that end, we have been working very diligently, and I would like to take this opportunity to update you on our operational progress as well as to explain why our recent capital raise places us on sound footing to successfully pursue our goals.
As we expressed at our January shareholder meeting and in various investor conferences since then, Magellan remains focused on four objectives: 1) developing a CO2 enhanced oil recovery (CO2-EOR) program and improving primary field production at our field at Poplar, 2) fully contracting our onshore Australian assets, 3) farming-out our offshore Australian exploration permit, and 4) realizing value from our acreage position in the United Kingdom. In spite of the relatively light news flow in recent months with respect to these efforts, we continue to make significant progress on all these fronts and expect to release the