PORTLAND, Maine, March 13 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation (NCM: MPET; ASX: MGN) ('Magellan') is pleased to advise that the Hampshire County Council has granted planning approval to drill the Havant-1 exploration well in the Hampshire sector of the Weald Basin.
The drill site is located next to the A3(M) motorway and has been chosen for its minimal environmental impact. Northern Petroleum, operator for the joint venture, is particularly conscious of its commitments to be a good neighbour to the local community and is committed to health and safety and the environment. All operations will be conducted with these factors in mind.
Magellan has a 40 percent interest in the Havant-1 well.
Forward-Looking Statements
Statements in this release which 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. These statements about Magellan and MPAL may relate to their businesses and prospects, revenues, expenses, 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 pricing and production levels from the properties in which Magellan and MPAL have interests, the extent of the recoverable reserves at those properties, the future outcome of the negotiations for gas sales contracts for the remaining uncontracted reserves at both the Mereenie and Palm Valley gas fields in the Amadeus Basin, including the likelihood of success of other potential suppliers of gas to the current customers of Mereenie and Palm Valley production. In addition, MPAL has a large number of exploration permits and faces the risk that any wells drilled may fail to encounter hydrocarbons in commercially recoverable quantities. Any forward-looking information provided in this release should be considered with these factors in mind. Magellan assumes no obligation to update any forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.
SOURCE Magellan Petroleum Corporation
