Magellan Petroleum Announces Weekly Drilling Report Thungo 13

HARTFORD, Conn., Feb. 7 /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.

Thungo 13 appraisal well in southwest Queensland has been cased and suspended as a future Murta oil producer. Drilling operations recommenced on February 1 after being suspended due to widespread rain in the region during the previous week.

Thungo 13 spudded on January 21 and was drilled to a total depth of 1,138 meters. Oil shows were recorded in the Murta Member and wireline logs indicated 8 meters of net pay. The rig was released on February 6 and is being moved to the Muthero field where four wells are planned.

    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 degrees 34' 50.02" East (GDA 94)
    JV Operator:            Santos Limited
    Drilling Rig:           PDI 721
    Total Depth:            1138 meters RT
    Objectives:             Primary - Murta Member
    Operations for period:  The well was drilled in 10-5/8" hole from 56 m to
                            196 m and surface casing set. The well was then
                            drilled in 7-7/8" hole to a total depth of 1,138m.
                            The well was cased and suspended as a Murta oil
    Progress for Period:    1082 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