Magellan Petroleum Corporation

Magellan Petroleum Corporation is an independent oil and gas exploration and production company headquartered in Denver Colorado.

It is 'focused on the development of a CO2-enhanced oil recovery ("CO2-EOR") program at Poplar Dome in eastern Montana and the exploration of unconventional hydrocarbon resources in the Weald Basin', southwest of London in the United Kingdom.

Partners

Magellan co-owns three licences in the UK equally with Celtique Energie. PEDLs 231, 234, and 243, cover the depocenter of The Weald Basin, which is located southwest of London.

UK exploration in 2014

Magellan has announced plans to drill two exploration wells within its licence areas in 2014.

The first of these will be carried out by partner Angus Energy, which has has announced plans to spud in July 2014 an exploration well on the Horse Hill prospect located within the Petroleum Exploration and Development License ("PEDL") 137 area. Angus will carry 100% of Magellan's costs for this well, after which the Company will retain a 35 per cent working interest in the well and the PEDL.

Later in 2014, Magellan plans to fund its 50 per cent share of a well to be drilled by its partner Celtique Energie ("Celtique") at Broadford Bridge, located within the license area of PEDL 234.

Both wells will be drilled vertically and completed without the use of hydraulic fracturing and ultimately target conventional Triassic gas plays. However, during drilling, Magellan will have the opportunity to core and log various shale and tight formations in the Cretaceous and Jurassic sections of the Weald Basin.

Australian shareholdings

• Magellan owns an 11% ownership stake in Central Petroleum Limited (ASX: CTP), a Brisbane-based junior exploration and production company that operates one of the largest holdings of prospective onshore acreage in Australia.
• Magellan also owns an exploration block, NT/P82, in the Bonaparte Basin, offshore Northern Territory, which the Company currently plans to farm-out.

Contact

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