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Magellan Petroleum Corp and Tellurian Investments finalise merger

Friday, February 10, 2017 8:15
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Tellurian Inc. (NASDAQ:TELL), formerly known as Magellan Petroleum Corporation (NASDAQ:MPET) said on Friday it has closed its merger with Tellurian Investments Inc.

Tellurian’s common stock will continue to trade on the NASDAQ under the new ticker symbol “TELL”. As part of finalising the merger, Tellurian has appointed Antoine Lafargue as chief financial officer. Lafargue was previously the chief executive officer of Magellan.

“We look forward to creating value for our shareholders by delivering clean, low-cost, and reliable liquefied natural gas (“LNG”) to the global market,” said Meg Gentle, Tellurian’s President and CEO.

“We are developing large scale energy infrastructure on the US Gulf Coast, including the 26 million tonnes per annum Driftwood LNG facility in Calcasieu Parish, Louisiana, which is scheduled to begin construction in 2018. We expect our next major milestone to be filing our formal permit application with the Federal Energy Regulatory Commission for Driftwood LNG. We appreciate the local, state and federal support for this project and anticipate an efficient regulatory review of the application.”

Added Lafargue: “With the closing of this transaction, the efforts of the board of directors of Magellan Petroleum Corporation conclude and a new chapter in the long history of the company can commence. From William F. Buckley Sr. to the new leadership team at Tellurian, unique vision and exceptional execution will continue to drive value for shareholders.”

A new CUSIP number of 87968A104 has been assigned to the common stock in connection with the merger.

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