UK Oil & Gas acquired Magellan Petroleum, an oil and gas producer, from Tellurian Investments for £12m. This acquisition is in accordance with UKOG's stated business plan to further consolidate its position in key assets with near term cash generation potential. Magellan holds a 35% direct interest in the Horse Hill oil field and surrounding highly prospective PEDL137 and PEDL246 licenses, UKOG's flagship asset. "This transformational acquisition, the largest in UKOG's 6 year history as an oil and gas company, boosts UKOG's net share of its flagship Horse Hill asset by a significant 69% from a 51% to an 86% net interest, providing the Company with the lion's share of future production revenues and reserves, together with absolute control over the field's future development and progress." Stephen Sanderson, UKOG's Chief Executive.