UK: Celtique, Magellan eye Weald unconventionals

Celtique Energie of the UK and Magellan Petroleum Corp., Denver, plan to drill one or two exploratory wells in the Weald basin in southern England in late 2013 aimed at unconventional hydrocarbons.

The UK Department of Energy and Climate Change recently lifted its moratorium on hydraulic fracturing, and the government is exploring new tax incentive proposals to encourage unconventional drilling onshore, Magellan noted.

Magellan, one of only three public companies that offer significant exposure to the emerging UK shale play, holds nearly 200,000 net acres in the Weald basin. The acreage also has potential in conventional formations.