Magellan Petroleum

Magellan’s UK position consists of interests in seven exploration permits located in or adjacent to the Weald Basin, which is geographically situated southwest of London and which contains multiple unconventional and conventional oil and gas prospects. In the central Weald Basin, Magellan co-owns equally with Celtique three licenses (PEDLs 231, 234, and 243), representing 124 thousand net acres, that are prospective for unconventional oil and gas development from the Kimmeridge Clay and Liassic formations and may be prospective for conventional development in other formations. Celtique Energie operates these licenses. On the periphery of the Weald Basin, Magellan maintains non-operated interests in four additional exploration licenses, representing an additional 16 thousand net acres, that may be prospective for conventional oil and gas targets.