In the UK, oil and gas plays are currently developing in several onshore geologic basins that contain significantly large shale and tight reservoirs. Through the use of unconventional drilling technology developed in the US, the substantial hydrocarbon resources contained in these reservoirs can now be produced economically. In addition, high commodity prices and national security considerations in the UK are creating a macro-economic environment that further encourages the development of these plays.
Magellan's UK position consists of interests in six 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 15 thousand net acres, that may be prospective for conventional oil and gas targets.
For more information or updates about drilling and operating oil and gas permits in the UK, please visit the United Kingdom Onshore Operators Group ("UKOOG").
The map below illustrates the position of our various PEDLs. The table below the map provides selected information about each PEDL.
Magellan's UK Acreage Position
|Permit||Geologic Basin||Expiration Date||Operator||Ownership Interest||Gross Acres||Net Acres|
|Central Weald licenses prospective for unconventional development|
|Licenses covering the Horse Hill prospect|
|Other licenses on periphery of Weald Basin|