Magellan Petroleum Corporation.
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The Australian market shrugged off Wall Street's negative lead and opened firmer this morning on optimism over US economy. Financials and mining stocks led the market rise. The benchmark S&P/ASX200 index gained 0.58 per cent, while All Ordinaries rose 0.71 per cent in early trade.
Adelaide Energy Limited (ASX:ADE) releases Third Quarter Activities Report 3 months to 31 March 2010.
Drillsearch Energy Limited (ASX:DLS) (PINK:DRLLF) is pleased to announce that it has executed an agreement to purchase Magellan Petroleum (Southern) Pty Limited which holds interests in 1 Production Licence, PPL212 Kiana (30%), 1 Petroleum Retention Licence over the Udacha discovery (30%) and 1 Petroleum Exploration Licence PEL107 (20%) from US Company Magellan Petroleum Corporation (MGN). The consideration for the assets is A$550,000 which will be financed out of exiting cash reserves. The transaction is expected to be closed this quarter following third party approvals.
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