Subsequent Event, Pro Forma Business Combinations or Disposals (Tables)

12 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

Unaudited Pro Forma Condensed Consolidated Balance Sheet

MAGELLAN PETROLEUM CORPORATION

UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET

JUNE 30, 2016

(in thousands)

	As   Reported		Exchange Transaction Pro Forma  Adjustments			Sale of Weald Basin Pro Forma   Adjustments			Pro Forma  as Adjusted
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	1,680	$	433	(a),(b)	$	598	(f)	$	2,711
Securities available-for-sale		601		—			941	(f)		1,542
Accounts receivable		16		—			—			16
Prepaid and other short-term assets		2,087		—			—			2,087
Current assets held for sale		26,042		(24,929)	(c)		(1,113)	(g)		—
Total current assets		30,426		(24,496)			426			6,356
Property and equipment, net		455		—			—			455
Goodwill		500		—			—			500
Other long-term assets		169		(150)	(d)		—			19
Total assets	$	31,550	$	(24,646)		$	426		$	7,330
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable	$	791	$	—		$	—		$	791
Accrued and other liabilities		2,826		(174)	(e)		—			2,652
Notes payable		783		(625)	(a)		—			158
Current liabilities held for sale		10,638		(9,969)	(c)		(669)	(g)		—
Total current liabilities		15,038		(10,768)			(669)			3,601
PREFERRED STOCK:
Series A convertible preferred stock (par value $0.01 per share): Authorized 28,000,000 shares, issued 22,293,295 shares		23,501		(23,501)	(c)		—			—
(DEFICIT) EQUITY:
Common stock (par value $0.01 per share); Authorized 300,000,000 shares, issued 6,972,023 shares		70		—			—			70
Treasury stock (at cost): 1,209,389 shares		(9,806)		—			—			(9,806)
Capital in excess of par value		94,069		9,623	(c)		—			103,692
Accumulated deficit		(96,234)		—			1,095	(g)		(95,139)
Accumulated other comprehensive income		4,912		—			—			4,912
Total (deficit) equity		(6,989)		9,623			1,095			3,729
Total liabilities, preferred stock and (deficit) equity	$	31,550	$	(24,646)		$	426		$	7,330

Unaudited Pro Forma Condensed Consolidated Statement of Operations

MAGELLAN PETROLEUM CORPORATION

UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2016

(in thousands, except shares and per share amounts)

	As Reported		Exchange Transaction Pro Forma Adjustments			Sale of Weald Basin Pro Forma Adjustments		Pro Forma as Adjusted
OPERATING EXPENSES:
Depreciation	$	54	$	—		$	—	$	54
Exploration		71		—			—		71
General and administrative		5,214		(174)	(e)		—		5,040
Total operating expenses		5,339		(174)			—		5,165
Loss from operations		(5,339)		174			—		(5,165)
OTHER (EXPENSE) INCOME:
Net interest expense		(4)		—			—		(4)
Loss on investment in securities		(587)		—			—		(587)
Gain on sale of bonus rights		2,514		—			—		2,514
Other income		88		—			—		88
Total other (expense) income		2,011		—			—		2,011
Loss from continuing operations, before tax		(3,328)		174			—		(3,154)
Income tax expense		—		—			—		—
Loss from continuing operations, net of tax		(3,328)		174			—		(3,154)
Preferred stock dividends		(1,858)		1,858	(c)		—		—
Adjustment of preferred stock to redemption value		4,207		(4,207)	(c)		—		—
Net loss attributable to common stockholders from continuing operations	$	(979)	$	(2,175)		$	—	$	(3,154)
Basic and diluted loss per common share attributable to common stockholders from continuing operations	$	(0.17)						$	(0.55)
Weighted average number of basic and diluted shares outstanding		5,746,307							5,746,307

MAGELLAN PETROLEUM CORPORATION

UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2015

(in thousands, except shares and per share amounts)

	As Reported		Exchange Transaction Pro Forma Adjustments			Sale of Weald Basin Pro Forma Adjustments		Pro Forma as Adjusted
OPERATING EXPENSES:
Depreciation	$	148	$	—		$	—	$	148
Exploration		239		—			—		239
General and administrative		7,946		(174)	(e)		—		7,772
Loss on sale of assets		316		—			—		316
Total operating expenses		8,649		(174)			—		8,475
Loss from operations		(8,649)		174			—		(8,475)
OTHER (EXPENSE) INCOME:
Loss on investment in securities		(15,087)		—			—		(15,087)
Fair value revision of contingent consideration payable		1,888		—			—		1,888
Other income		252		—			—		252
Total other (expense) income		(12,947)		—			—		(12,947)
Loss from continuing operations, before tax		(21,596)		174			—		(21,422)
Income tax expense		—		—			—		—
Loss from continuing operations, net of tax		(21,596)		174			—		(21,422)
Preferred stock dividends		(1,740)		1,740	(c)		—		—
Net loss attributable to common stockholders from continuing operations	$	(23,336)	$	1,914		$	—	$	(21,422)
Basic and diluted loss per common share attributable to common stockholders from continuing operations	$	(4.09)						$	(3.75)
Weighted average number of basic and diluted shares outstanding		5,710,288							5,710,288