Magellan Awarded Two UK Exploration Licenses

Magellan Petroleum has been awarded a 50% interest in two Petroleum Exploration and Development Licenses in southern England. The awards were part of the competitive 11th UK Landward Licensing Round. Northern Petroleum (GB) Limited, operator of the exploration venture, will hold the other 50% interest. Formal issue of the licenses will follow acceptance of the license terms by the parties.

The two licenses are PEDL 125 in the Hampshire area and PEDL 126 in the West Sussex area of the Weald and Wessex Basins. Magellan already holds interests in three other Petroleum Exploration and Development Licenses in this part of the Weald-Wessex Basin, which are also operated by Northern Petroleum. PEDL 126 surrounds the Horndean and Singleton oil fields, and the Wytch Farm oil field to the west is the largest onshore oil field in the UK with recoverable reserves of over 400 million barrels of oil. Several prospects and leads have already been identified in the new license areas along trend with the Horndean and Singleton oil fields.

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