Exhibit 99.1
Magellan Petroleum Elects New Director
Hartford,
Conn., September 8, 2006 — Magellan Petroleum Corporation (NCM: MPET; ASX: MGN) (the
“Company”) announced that it has, effective September 5, 2006, elected Robert Mollah to fill a
newly created vacancy on the Company’s Board of Directors, which has been increased in size from
four to five directorships. Mr. Mollah will serve as a Class III director until the Company’s 2006
annual meeting of shareholders, when he is expected to be nominated for shareholder approval to
serve a full three-year term on the Board.
Mr. Mollah, age 64, has served as a member of the Board of Directors of Magellan Petroleum
Australia Limited, the Company’s wholly-owned operating subsidiary in Australia (“MPAL”), since
2003. He was recently elected to serve as the Chairman of the MPAL Board of Directors, succeeding
Rodney F. Cormie, who stepped down as MPAL Chairman on September 5, 2006.
Mr. Mollah is a geophysicist with broad petroleum exploration experience, both within
Australia and internationally. From 1995 until 2003, Mr. Mollah was the Australian Executive
Director of the Timor Gap Joint Authority which covered the administration of petroleum exploration
and production activities in the Timor Sea Joint Development Zone between Australia and
Indonesia/East Timor. Prior to 1995, he served as a Petroleum Explorationist and Manager with
broad experience in the oil and gas business in Australia and Asia.
Mr. Cormie has been a director of MPAL since 1980 and has served as Chairman since 2003.
Under his energetic leadership, MPAL has continued its successful exploitation of its gas and oil
properties in Australia’s Amadeus Basin. MPAL is a major supplier of the gas which is used, among
other things, to produce electricity for Darwin and Alice Springs in Australia’s Northern
Territories. Mr. Cormie has been active in rationalizing MPAL’s portfolio of exploration areas,
with particular emphasis on exploration and development of properties in the Cooper Basin of
central Australia. A highly respected businessman in Brisbane, location of MPAL’s headquarters,
Mr. Cormie will remain on the MPAL Board and will lead MPAL’s Business Development Committee.
Walter McCann, Chairman of the Board of the Company, stated: “Robert Mollah brings to our
Board his vast experience in oil and gas exploration and operational matters. His knowledge in
these fields will undoubtedly contribute substantially to the Board’s deliberations and strategic
planning. Our Board of Directors is confident that Robert Mollah is well suited to lead MPAL to
further growth and financial success. We are also most pleased that Rod Cormie will remain on the
MPAL Board in a key role. With Robert and Rod, we have a strong team with complementary experience
and skills.”