UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 3, 2003
Magellan Petroleum Corporation
(Exact Name of registrant as specified in its charter)
Delaware 1-5507 06-0842255
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
P.O. Box 11460, Madison, CT 06443-1146
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (203) 245-7664
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Not Applicable
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(Former name or former address, if changed since last report.)
FORM 8-K
MAGELLAN PETROLEUM CORPORATION
Item 5. Other Events
During September 2003, the Wawiri 1 well in the Taranaki Basin in the
North Island, New Zealand was drilled and plugged and abandoned as a dry hole at
a cost to the Company's 55% owned subsidiary, Magellan Petroleum Australia
Limited (MPAL), of approximately $150,000. During October 2003, the Bluff 1 well
also in the Taranaki Basin in the North Island, New Zealand was drilled and
plugged and abandoned as a dry hole at a cost to MPAL of approximately $150,000.
During October 2003, the Semaphore 1 well in PEL 110 of the Cooper
Basin in South Australia was drilled and plugged and abandoned as a dry hole at
a cost to MPAL of approximately $300,000.
On November 3, 2003, the Thungo 8 well in ATP267P (PL 51) reached
total depth with good shows. The well will be cased and suspended as a future
oil well. The Thungo 8 well was drilled in the Nockatunga project (MPAL interest
41%) in the Eromanga Basin in Queensland.
The after tax effect of the abandonments will be recorded by the
Company in the first and second quarters of its fiscal year ending June 30, 2004
and is estimated to be approximately $231,000.
Statements in this report that are not historical in nature are
intended to be - and are hereby identified as -- "forward-looking statements"
for purposes of the "Safe Harbor Statement" under the Private Securities
Litigation Reform Act of 1995. The Company cautions readers that forward looking
statements are subject to certain risks and uncertainties that could cause
actual results to differ materially from those indicated in the forward looking
statements. Among these risks and uncertainties are pricing and production
levels from the properties in which the Company has interests, and the extent of
the recoverable reserves at those properties. In addition, the Company has a
large number of exploration permits and there is the risk that any wells drilled
may fail to encounter hydrocarbons in commercial quantities. The Company
undertakes no obligation to update or revise forward-looking statements, whether
as a result of new information, future events, or otherwise.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
(c) Exhibits -
None
FORM 8-K
MAGELLAN PETROLEUM CORPORATION
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MAGELLAN PETROLEUM CORPORATION
(Registrant)
By /s/ James R. Joyce
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Name: James R. Joyce
Title: President
Date: November 3, 2003