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Friday, 21 November, 2008, 21:40 GMT | more >>

Cooper drilling cost put Magellan in red



By Upstream staff 

Connecticut-based Magellan Petroleum reported a loss of $8000 on gross revenues of $8.4 million in its second quarter to 31 December on higher drilling costs in Australia's Cooper basin.

Magellan reported a net loss of $226,000 on revenuesof $6.5 million in the second quarter of 2005.

Earnings per share were flat, compared to a loss of $0.01 in the previously period.

The company saw drilling costs in the Cooper basin rise to $1.5 million as exploration and dry-hole costs rose 200%. Magellan's Cooper basin assets are operated by Australia driller Santos.

For the six months to 31 December, Magellan saw net income of $1 million, compared to a net loss of $254,000 in the first six months of 2005. Earnings per share rose to $0.02 compared to a loss of $0.01 last time.


Tuesday, 20 February, 2007, 19:22 GMT  | last updated: Tuesday, 20 February, 2007, 19:22 GMT

On track: but dry hole and exploration costs in the Cooper Basin put Magellan Petroleum in the red
 

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