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Magellan Petroleum Announces

Weekly Drilling Report

Muthero-5 & Telowie-1

Hartford, Conn.= , February 28, 2007 – Magellan Petroleum Corporation (NCM: MPET; ASX: MGN) (R= 20;Magellan”) announced that its 100% owned subsidiary, Magellan Petroleum Australia Limited (“MPAL”) advises the following drilling report.

Nockatunga Fields – = Queensland

The Muthero-5 appraisal well in PL = 51 southwest Queensland spudded on February 23, 2007 and drilled to a total dep= th of 1446 meters. Oil shows were recorded in the Mur= ta Member and the Birkhead Formation. The operatio= n at 06:00 hr was pulling out of= the hole to run wireline logs.

Cooper Basin – South Australia<= o:p>

The Telowie-1 e= xploration well spudded in PEL 94 in Sou= th Australia on February 23. Surface casing was set at 583 meters. At 08:00 hr (EST) on Fe= bruary 28 the well was at a depth of 1321 meters and drilling ahead to its program= med total depth of 1367 meters. Minor oil shows were recorded in the Murta Member.

The Telowie-1 exploration well is l= ocated on the southern flank of the Cooper Basin, and is desig= ned to test a simple anticlinal structure located on the north-eastern end of the = Milpera Horst. The well is approximately 4.8 kilometers northeast of Maslins-1 which recovered oil= from the Murta Member. Telowie-1 is programmed to a = total depth of 1367 meters RT. The primary objective is the Namur Sandstone and t= he McKinlay Member with secondary potential in the Murta Member. The Operator assesses the mean potential resource in the Namur Sandstone at 2.1 MMSTB of oil.

Muthero-5 Details:

Petroleum Title:        &= nbsp;    PL 51, Queensland

Location: &nb= sp;            =         Approximately 260 meters South of Muthero 3

Coordinates: =             &nb= sp;    Latitude: 27 degrees 42' 52.80" South

            =             &nb= sp;         Longitude: 142 degrees 36' 47.33" East (GDA 94)

JV Operator:        &= nbsp;        Santos Limited

Drilling Rig:        &= nbsp;        PDI 721

Total Depth:        &= nbsp;         1446 meters RT

Objectives:&nbs= p;            &= nbsp;           Pr= imary – Birkhead Formation

  &nb= sp;            =             &nb= sp;            =    Secondary –Murta Member

Operations for period:       Muthero-5 spudded on Februar= y 23, 2007 a= nd was drilled in 10-5/8" hole to 220 meters. 8-5/8"surfac= e casing was set at 217 m. The well was then drilled in 7-7/8" hole to a total depth of 1446m.= POOH to run wireline logs.

Progress f= or Period:      =      1446 meters.

Participants in Muthero-5 are:

     =      Magellan Petroleum Corporation   &nbs= p;            &= nbsp;   38.994%

     =      Santos Limited Group (Operator)   &= nbsp;           &nbs= p; 61.006%

Telowie-1 Details:

Petroleum Title:        &= nbsp;    PEL 94 South Australia

Location: &nb= sp;            =         Approximately 4.8 km northeast of Maslins-1

Coordinates: =             &nb= sp;    Latitude: 28 degrees 51' 47.31" South

   =             &nb= sp;            =       Longitude: 140 degrees 03' 36.76" East (GDA 94)

JV Operator:        &= nbsp;        Beach Petroleum Ltd

Drilling Rig:        &= nbsp;        Century Rig 3

Proposed Total Depth:     1367 meters RT

Objectives:&nbs= p;            &= nbsp;           Pr= imary – Namur Sandstone / McKinlay Member

  &nb= sp;            =             &nb= sp;            =    Secondary – Murta member

Operations for period:       The well spudded on February= 23, 2007 and was drilled in 12-1/4" hole to the surface casing depth of 586 m. The well = was then drilled in 8-1/2" hole and at 08:00 hr = (EST) on February 28, 2007 was at a depth of 1,321 meters and drilling ahead. =

Progress f= or Period:      =      1,321 meters.

Participants in Telowie-1 are:

     =      Magellan Petroleum Corporation   &nbs= p;            &= nbsp;          35%

     =      Beach Petroleum Ltd (Operator)   &= nbsp;           &nbs= p;           50%

     =      Victoria Petroleum NL     &= nbsp;           &nbs= p;            &= nbsp;           15= %

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, a= nd 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 provid= ed 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.

For further information, please contact Daniel Samela at (860) 293-2006.