Magellan Petroleum Announces Weekly Drilling Report Thungo 13

Download as PDF

HARTFORD, Conn., Jan. 31 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation (NCM: MPET; ASX: MGN) ("Magellan") announced that its 100% owned subsidiary, Magellan Petroleum Australia Limited ("MPAL") advises the following drilling report.

    The drilling operations on Thungo 13 in southwest Queensland have remained
suspended following the widespread rain in the region during the previous
week.  Operations are expected to recommence later this week when roads in the
region are re-opened.

    Thungo 13 Details:

    Petroleum Title:       PL 51, Queensland
    Location:              Approximately 380 meters S of Thungo 1 and 370
                           meters ENE of Thungo 2
    Coordinates:           Latitude: 27 degrees 44' 02.37" South
                           Longitude: 142° 34' 50.02" East (GDA 94)
    JV Operator:           Santos Limited
    Drilling Rig:          PDI 721
    Proposed Total Depth:  1124 meters RT
    Objectives:            Primary - Murta Member
    Operations for period: The well spudded on January 21, 2007. Drilling
                           operations remained suspended because widespread
                           rain has restricted access to the wellsite.
    Progress for Period:   0 meters.

    Participants in Thungo 13 are:

      Magellan Petroleum Corporation  38.994%
      Santos Limited Group (Operator) 61.006%

    Forward Looking Statements

Statements in this release which 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. These statements about Magellan and MPAL may relate to their businesses and prospects, revenues, expenses, operating cash flows, 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 extent of the recoverable reserves at those properties and the risk that any wells drilled may fail to encounter hydrocarbons in commercially recoverable quantities. Any forward-looking information provided in this release should be considered with these factors in mind. Magellan assumes no obligation to update any forward- looking statements contained in this release, whether as a result of new information, future events or otherwise.

SOURCE Magellan Petroleum Corporation

Released January 31, 2007