| PRESENTATION TO THE ANNUAL GENERAL MEETING 6 December 2007 MAGELLAN PETROLEUM CORPORATION |
| Magellan Petroleum Australia Limited (MPAL) Interests Interests Interests |
| Magellan Petroleum Australia Limited (MPAL) Revenue Comparison Revenue Comparison Revenue Comparison |
| MPAL Gas Sales |
| MPAL Oil Sales |
| Market uncommitted Mereenie and Palm Valley gas Production optimization of Mereenie oil and gas potential Drill oil and gas development wells if commercially viable Control costs in Mereenie and Palm Valley Mereenie and Palm Valley Fields Magellan's Three Businesses |
| Cooper Basin Optimize production in the Nockatunga assets following the 2007 drilling campaign Drill appraisal/development wells in Nockatunga assets if commercially viable Manage the exploration portfolio in the Cooper Basin with an emphasis on lower risk opportunities Drill Bales-1 farmout well in PEL 110 (at no cost to Magellan) Onshore UK Progress planning for drilling Markwells Wood-1, Leigh Park-1 and Hedge End-2. Drilling to commence first quarter 2008. Progress farmout of PEDLs 135/136/137 for drilling in 2008/2009 Bid in 13th Onshore Round of UK licensing Magellan's Three Businesses |
| Amadeus Basin Assets Amadeus Basin Assets |
| Gas Sales Contracts (Proved and Probable Reserves) (Proved and Probable Reserves) (Proved and Probable Reserves) |
| Cooper-Eromanga Basins Cooper-Eromanga Basins |
| South Australia - PEL 107 |
| Nockatunga Area S-W Queensland S-W Queensland S-W Queensland |
| Maryborough Basin Coal Bed Methane Potential Potential Potential Potential |
| United Kingdom United Kingdom |
| UK Prospects Central Weald Basin |
| UK Prospects North Weald Basin |
| Nockatunga (Magellan 40%) Muthero-4, 5, 6 & 7 on production Thungo-9, 10, 11 & 13 on production Dilkera North-1 on production Kamel-1 completed for production Maxwell-5 completed for production Currambar-1 brought on production 2007 Successes |
| Drilling Program 2007 - 2008 Exploration Development / Appraisal 2007 Q1 SA - PEL94 Tunkalilla-1 SA - PEL94 Telowie-1 QLD - ATP613P Burrum-1 & 2 QLD - PL51 Dilkera North-1 & Kamel-1 QLD - PL51 Nockatunga Muthero-4, 5, 6 & 7 Thungo-9, 10, 11, 13 2007 Q3 SA - PEL 93 Rainbird-1 & Patron-1 2007 Q4 QLD - PL33 Burundi-1 QLD - PL50 Maxwell-5 2008 Q1 SA - PEL110 Bales-1 2008 Q2 UK - PEDL126 Markwells Wood-1 2008 Q3 UK - PEDL155 Leigh Park-1 QLD - 2 appraisal wells in Nockatunga assets 2008 Q4 UK - PEDL135 Puttenham-1 UK - PEDL137 Collendean-1 |
| Thank You |