The deal leaves Magellan as 100% owner of the Palm Valley field and Dingo discovery, and Santos with full ownership of the Mereenie field – though Magellan kept the chance to earn up to A$17.5 million (US$17 million) in bonus payments over the next 20 years, based on production milestones.
Under the deal, Magellan will receive A$25 million in net proceeds and expects post closing adjustments of approximately A$3 million from Santos within the next 60 days, it said.
Santos
