UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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) August 15, 2003
Magellan Petroleum Corporation
--------------------------------------------------
(Exact Name of Registrant as specified in charter)
Delaware 1-5507 06-0842255
------------------------- ------------ -------------------
(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
P.O. Box 1146, Madison, CT 06443-1146
---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (203)-245-7664
----------------
Not Applicable
--------------------------------------------------------------
(Former name or former address, if changed since last report.)
Form 8-K
Magellan Petroleum Corporation
Item 4. Changes in Registrant's Certifying Accountant
Current Independent Accountants
On August 15, 2003, the Audit Committee of the Board of Directors of
Magellan Petroleum Corporation (the "Company") determined to dismiss Ernst &
Young LLP (Ernst & Young) as the Company's independent auditors, effective upon
completion of the annual audit for the fiscal year ended June 30, 2003. This
decision is subject to the condition that Magellan Petroleum Australia Limited
(MPAL), the Company's majority owned subsidiary, makes a similar determination
to dismiss Ernst & Young as its independent auditors. Ernst & Young has served
as the Company's independent auditors for many years.
The reports of Ernst & Young on the Company's financial statements for the
past two fiscal years did not contain an adverse opinion or a disclaimer of
opinion, and were not qualified or modified as to audit scope or accounting
principles.
In connection with the audits of the Company's financial statements for
each of the two fiscal years ended June 30, 2002 and in the subsequent interim
period, there were no disagreements with Ernst & Young on any matter of
accounting principles or practices, financial statement disclosure, or auditing
scope and procedures which, if not resolved to Ernst & Young's satisfaction,
would have caused Ernst & Young to make reference to the matter in their
report. In addition, there were no "reportable events" as that term is
described in Item 304(a)(1)(v) of Regulation S-K.
The Company has requested Ernst & Young to furnish it a letter addressed
to the Securities and Exchange Commission stating whether it agrees with the
above statements. A copy of the letter, dated August 27, 2003, is filed as
Exhibit 16 to this Form 8-K.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Exhibit
16 Letter from Ernst & Young LLP to the Securities and
Exchange Commission dated August 27, 2003.
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 thereto duly authorized.
Magellan Petroleum Corporation
(Registrant)
By: /s/ James R. Joyce
------------------
Name: James R. Joyce
Title: President
Date: August 27, 2003