Horse Hill and Markwells Wood Update

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DENVER, CO -- (Marketwired) -- 04/17/15 -- Magellan Petroleum Corporation (NASDAQ: MPET) ("Magellan" or the "Company") today commented on certain recent announcements made by its partners in the Horse Hill-1 well ("HH-1") in southern England. 

On April 9, 2015, UK Oil & Gas Investments PLC ("UKOG"), an approximately 31% indirect owner of HH-1, announced that HH-1 is estimated to have "a total oil in place ('OIP') of 158 million barrels ('MMBO') per square mile, excluding the previously reported Upper Portland Sandstone oil discovery". In a BBC interview on the same day, the CEO of UKOG commented that "we're looking at between 50 and 100 billion barrels of oil in place in the ground [in southern England]."

In a separate announcement on April 15, 2015, UKOG clarified that these "OIP hydrocarbon volumes estimated should not be considered as either contingent or prospective resources or reserves" and that "Further development work in the form of appraisal drilling, well testing and assessment of recovery factors will be required to seek to quantify net resources in relation to [UKOG's] licence areas and to prove its commerciality."

J. Thomas Wilson, President and CEO of Magellan, commented: "We have been encouraged by the technical analysis performed on the Horse Hill prospect by UKOG and its partners. The oil and gas potential of the Weald Basin has been strengthened. However, Magellan believes that further testing of the HH-1 well is needed before we can form an opinion on the prospect's economics. We remain bullish on the petroleum potential of central Weald Basin."

Markwells Wood / PEDL 126 Update

On April 10, 2015, Magellan sold for nominal consideration its 40% interest in PEDL 126, the UK onshore exploration license that contains the Markwells Wood-1 wellbore ("MW-1"). By the selling the license and the wellbore, Magellan will be able to remove a $0.4 million liability from its balance sheet related to site restoration of MW-1.

CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
Statements in this press release, including forecasts or projections that are not historical in nature, are intended to be, and are hereby identified as, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "anticipate", "assume", "believe", "budget", "estimate", "evaluate", "expect", "forecast", "intend", "should", "initial", "plan", "project", and similar expressions are intended to identify forward-looking statements. These statements about the Company may relate to its businesses and prospects, planned capital projects and expenditures, increases or decreases in oil and gas production and reserves, estimates regarding recoverable resource potential, revenues, expenses and operating cash flows, progress in developing the Company's projects, future values of those projects, and other matters that involve a number of uncertainties that may cause actual results to differ materially from expectations. Among these risks and uncertainties are the following: possible adverse changes to the oil industry; uncertainties inherent in log and other analyses and the conclusions drawn therefrom with respect to the existence of hydrocarbon resources; possible geologic or other obstacles to accessing the anticipated resources or obtaining the anticipated production from the Company's projects; the timing of development milestones; and other matters discussed in the "Risk Factors" section of the Company's most recent Annual Report on Form 10K. Any forward-looking information provided in this release should be considered with these factors in mind. The Company assumes no obligation to update any forward-looking statements contained in this press release, whether as a result of new information, future events, or otherwise, except as required by securities law.

ABOUT MAGELLAN
Magellan Petroleum Corporation is an independent oil and gas exploration and production company focused on the development of CO2-EOR projects in the Rocky Mountain region. Historically active internationally, Magellan also owns significant exploration acreage in the Weald Basin, onshore UK, and an exploration block, NT/P82, in the Bonaparte Basin, offshore Northern Territory, Australia, which the Company currently plans to farmout. Our strategy is to enhance shareholder value by maximizing the value of our CO2-EOR business and our international projects. We are committed to efficiently investing financial, technical, and management capital in our projects in order to achieve the greatest risk-adjusted value and returns for our shareholders. Magellan routinely posts important information about the Company on its website at www.magellanpetroleum.com.

For further information, please contact:
Matthew Ciardiello
Vice President - CFO, Treasurer, and Corporate Secretary
720.484.2404
IR@magellanpetroleum.com

Source: Magellan Petroleum Corporation

Released April 17, 2015