Exhibit 99.2
MAGELLAN ANNOUNCES HEADS OF
AGREEMENT AND EXCLUSIVITY AGREEMENT
PORTLAND, Maine, July 13, 2009 Magellan Petroleum Corporation (NASDAQ: MPET) (ASX: MGN)
announced that its wholly owned subsidiary, Magellan Petroleum Australia Limited (MPAL), has
signed a Heads of Agreement and Exclusivity Agreement with a major methanol producer to study the
feasibility of building and operating a methanol plant in the Darwin area, Northern Territory,
Australia.
Under the Agreements, MPAL will undertake to identify natural gas reserves suitable to supply the
proposed plant. Magellan would also have exclusive rights to supply natural gas to the plant from a
broad exclusivity area that the Parties have established to encompass both onshore and offshore
areas in the Northern Territory and Western Australia. Although there is no assurance that the
parties will reach a final accord, the Agreements establish timelines to allow good faith
completion of preliminary feasibility studies by both Parties and a definitive Gas Supply
Agreement.
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For further information, please contact:
William H. Hastings, President and Chief Executive Officer Magellan at +1 (207) 776-5616
Daniel J. Samela, Chief Financial Officer Magellan at +1 (860) 293-2006
About Magellan
Magellans common stock is quoted on the NASDAQ Capital Market (symbol: MPET) and on the Australian
Stock Exchange in the form of CDIs (symbol: MGN). The Company is engaged in the sale of energy
arising from exploration and development of oil and gas reserves. Currently, MPALs oil and gas
production assets are located in the Amadeus Basin of the Northern Territory in Australia, where
MPAL operates the Palm Valley gas field and maintains an interest in the Mereenie oil & gas field
as well as the unconnected Dingo gas field. Other reserves and prospects are located elsewhere in
Australia and in the United Kingdom.
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 pricing and production levels from the properties in which Magellan and MPAL have
interests, the extent of the recoverable reserves at those properties, the future outcome of the
negotiations for gas sales contracts for the remaining uncontracted reserves at both the Mereenie
and Palm Valley gas fields in the Amadeus Basin, including the likelihood of success of other
potential suppliers of gas to the current customers of Mereenie and Palm Valley production. In
addition, both MPET and MPAL have existing or may acquire new exploration permits and face the risk
that any wells drilled on those existing or new permits 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.