Magellan Petroleum Corporation (MPET)

Operations

United Kingdom

Onshore in the UK, oil and gas plays are currently at the early stages of assessment and development in several onshore geologic Basins that potentially contain significantly large tight reservoirs. Magellan's UK position consists of non-operated interests in two exploration permits (PEDLs 137 and 246) located southwest of London, which permits cover the Horse Hill oil discovery. The Horse Hill-1 well has identified potential prospects from the Portland sandstone and Kimmeridge Clay limestone formations, which are currently being appraised byu conducting certain flow tests. 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
Weald 6/30/16 Celtique 50% 98,800 49,400
Weald 6/30/16 Celtique 50% 74,100 37,050
Weald 6/30/16 Celtique 50% 74,100 37,050
        Subtotal 247,000 123,500
Licenses covering the Horse Hill prospect
PEDL 137 Weald 9/30/16 HHDL 35% 24,525 8,584
PEDL 246 Weald 6/30/19 HHDL 35% 10,769 3,769
        Subtotal 35,294 12,353
Other licenses on periphery of Weald Basin
Wessex 1/31/17 UKOG 22.5% 11,535 2,595
        Subtotal 11,535 2,595
        Total 293,829 138,448