Magellan Petroleum has secured a farmout agreement with UK partner Northern Petroleum who will fu...
For its part in funding the exploration Northern will earn an 17.5% share in Petroleum Exploration and Development Licenses 098 and 113 on the Isle of Wight and a 5% interest in License 099 in the Portsdown area of southern England.
Magellan will hold 27.5% after the deal. The exploration well will target the middle Jurassic Great Oolite Formation of the Weald-Wessex Basins.
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