magellan may be about to sign up meo hub, page-2

It could be that the Santos sale of Evans Shoal to Magellan, may again be in doubt.....see brief release from Magellan just out. Closure of the transaction was to effect on or prior to end of this month.

NOTE, in particular comments from Magellan..."due to field partner activity"

Extemely high stakes for MEO...the planned hub, for which MEO and their 50% partner Air Products and Chemicals (a $20b US company).....in within, and virtually abuts the Evans Shoal gas discoveries ..... (at a close to sea surface structure called Tassie Shoals.)

MEO have the above ground rights to build the hub, while of course Evans Shoal partners have sub surface, gas exploration rights.

Are the other majors who have equity in Evans Shoal, not prepared to have the much smaller Magellan, as lead operator in the project? Does Santos want back in ?

Field partner activity...means at least things are really starting to hot up for MEO.

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PORTLAND, Maine, May 16, 2011 /PRNewswire/ -- Magellan Petroleum Corporation (the "Company") (NASDAQ: MPET) (ASX: MGN) provided updates to its current operations and commercial transactions.

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Evans Shoal Transaction


Due to field partner activity, the terms of our entry into the Evans Shoal license remain under discussion as we continue to work in earnest. Meetings over the next two weeks will add clarity toward final solutions. Magellan, YEP, and Santos remain committed to closing the transaction. We intend to provide updates as material milestones have been achieved.