magellan.

Posted a question about Magellan on the STO thread a couple of days ago.
Hendrous posted this.

Points of interest.
The other 3 owner have to give permission for the deal.
Magellan will loose a $15m deposit if it can not come up with the money.
STO will sell it to some one else if not paid by the 25th Dec.

Post

From Magellan's sec10 filing dated Nov 15.

On March 25, 2010, MPAL entered into an agreement (the ?ES Agreement?) with Santos Limited (Santos) to purchase Santos?
40% interest in the Evans Shoal natural gas field (NT/P48), located in the Bonaparte Basin offshore Northern Australia.
Under the ES Agreement, Magellan is obligated to pay Santos time-staged cash consideration equal to (AUS) $100 million for
its interest in Evans Shoal on or before December 25, 2010. Magellan would also pay additional contingent payments to Santos of
(AUS) $50 million upon a favorable partner vote on any final investment decision to develop Evans Shoal and (AUS) $50 million
upon first stabilized gas production from NT/P 48. Our purchase and sale of Santos? interest in the Evans Shoal field remains
conditioned upon receipt of consent to the transfer from Santos to MPAL from the other three existing owners of the Evans Shoal
field. Subject to the Company?s ability to secure adequate financing on or before December 25, 2010, the Closing and completion of
the Evans Shoal purchase is expected to occur in late December 2010.
The Company is currently working toward initiatives including but not limited to; new equity financing options, private
investment and/or partner contributions to meet the financial commitments related to the ES Agreement. The first segment of the
transaction was a cash deposit of (AUS) $15 million which is included in the consolidated balance sheet at September 30, 2010. In the
event the Company is unable to make the required Evans Shoal completion payment on or before December 25, 2010, either because
we are unable to raise sufficient funding by the sale of additional equity or debt securities in the near future or for some other reason,
the ES Agreement provides that the Company would forfeit its initial (AUS) $15 million deposit payment to Santos. In addition, the
ES Agreement provides that, if the Company is unable to make the completion payment when due, and the Company does not then
have its own right to terminate the ES Agreement in accordance with its terms, then Santos may terminate the ES Agreement and
decline to proceed with the sale of its 40% interest in the Evans Shoal field to the Company.


Go on Magellan, you know you want MEO as a partner.