Magellan Petroleum Announces Weekly Drilling Report

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Muthero-6 & Burrum-2

HARTFORD, Conn., March 14 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation (Nasdaq: MPET; ASX: MGN) ("Magellan") announced that its 100% owned subsidiary, Magellan Petroleum Australia Limited ("MPAL") advises the following drilling report.

Nockatunga Fields -- Queensland

The Muthero-6 appraisal well in PL 51 southwest Queensland which spudded on March 4, 2007 is being cased and suspended as a future oil producer. Oil shows were recorded in the Coorikiana Sandstone, Murta Member and the Birkhead Formation.

Maryborough Basin -- Queensland

The Burrum-2 well, the second of the two coal seam gas well program in ATP 613P in the Maryborough Basin of southeast Queensland, spudded on March 8. The wells are designed to evaluate the coal seam potential of the previously unexplored Burrum Coal Measures in the northern portion of the Burrum Syncline. At 06:00 hrs on March 14 Burrum-2 was at a depth of 390 meters. Several coal seams have been intersected and sampled for desorption analysis.

Eureka Petroleum, a wholly-owned subsidiary of Energy Investments Limited, is funding 100% of a two-staged coal seam gas exploration program, in return for which it will be assigned a 90% working interest in the Burrum Syncline farmin area. Stage 1 comprises the current two-well program. Magellan has the right to back-in to retain up to a 50% participating interest in any development by matching Eureka's prior expenditures.

    Muthero-6 Details:

    Petroleum Title:          PL 51, Queensland
    Location:                 Approximately 270 meters east of Muthero-3
    Coordinates:              Latitude: 27 degrees 42' 46.68" South
    Longitude:                142 degrees 36' 55.56" East (GDA 94)
    JV Operator:              Santos Limited
    Drilling Rig:             PDI 721
    Total Depth:              1446 meters RT
    Objectives:               Primary -- Birkhead Formation; Secondary --
                              Murta Member
    Operations for period:    Muthero-6 spudded on March 4, 2007 and drilled
                              to a total depth of 1,446 mRT. The well is being
                              cased and suspended as a future oil producer.
    Progress for Period:      654 meters.

    Participants in Muthero-6 are:

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

    Burrum-2 Details:

    Petroleum Title:          ATP 613P Queensland
    Location:                 Approximately 2 km northeast of the township of
                              Howard and approximately 55 km north of the city
                              of Maryborough
    Coordinates:              MGA 94 56457785E 7200350S
    JV Operator:              Magellan Petroleum Corporation
    Drilling Rig:             Depco Rig 22 - UDR 1200
    Proposed Total Depth:     600 meters
    Objectives:               Coals of the Burrum Coal Measures
    Operations for period:    Burrum-2 spudded on March 4, 2007 and was
                              drilled in open hole to a depth of 115 m. The
                              well was then fully cored and at 06:00 hrs on
                              March 14 was at a depth of 390 m.
    Progress for Period:      390 meters.

    Participants in Burrum-2 are:

        Magellan Petroleum Corporation (Operator)  10%
        Energy Investments Limited                 90%

    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 March 14, 2007