This excerpt taken from the MPET DEF 14A filed Apr 17, 2009.
Company Business Strategy
Magellans strategy centers on the development and acquisition of stranded natural gas reserves. An important focus will be on closing the gap between valuations of already proven, world-class Australian Northwest Shelf reserves and the oil indexed pricing available in the Pacific Basin. We will emphasize projects there and in niche locations in Europe and North America. We will continue with our drilling efforts onshore in the U.K.
We intend, in due course, to significantly increase the size of the Company. Our plan includes consolidation of undervalued energy small cap equity on world exchanges, the sale or swap of existing assets, the purchase or settlement of new assets with cash, and added value by working on ideas with local partners Santos Ltd. and others to be developed. We will carry out this growth plan with selective, but substantive, new capital injection involving existing investor arrangements, gas buyers, as well as other new entities and/ or through project financing.
Our experienced energy team will be built and centered in Portland, Maine and in Australia.
Our end goal is to become a unique, mid-level, natural gas development Company. Our success will be correlated with that of new, smaller scale gas development technology and with the growth of natural gas demand worldwide particularly in Asia.