Magellan Petroleum Corporation, together with its subsidiaries, engages in the sale of oil and gas, and exploration and development of oil and gas properties. It owns 35% interest in mereenie oil and gas field, 52% interest in Palm Valley Gas Field, and 34% interest in Dingo gas field, located in the Amadeus Basin of the Northern Territory. The company also has 40% working interest in Nockatunga oil fields in the Cooper Basin in southwest Queensland; and holds a 100% interest in exploration permit ATP 613P in the Maryborough Basin in Queensland, Australia, as well as owns 50% interest in Cooper/ Eromanga Basin in South Australia’s Cooper Basin. In addition, it holds interest in...