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Magellan Petroleum Announces

Weekly Drilling Report

Muthero-5, Muthero-6, Telowie-1 & Burrum-1=

Hartford, Conn.= , March 7, 2007 – Magellan Petroleum Corporation (NCM: MPET; ASX: MGN) (“M= agellan”) announced that its 100% owned subsidiary, Magellan Petroleum Australia Limited (“MPAL”) advises the following drilling report.

Nockatunga Fields – = Queensland

Muthero-5, the appraisal well in PL= 51 southwest Queensland which spudded on February 23, 2007 has been cased and suspended as a future oil producer. Oil shows were recorded in the Murta = Member and the Birkhead Formation.

The Muthero-6 appraisal well spudde= d on March 4 and surface casing was set at 218 meters. At 06:00 hr (EST) on Marc= h 7 the well was at a depth of 792 meters and drilling ahead to the programmed total depth of 1,442 meters RT.

Cooper Basin – South Australia<= o:p>

The Telowie-1 exploration well spud= ded in PEL 94 in South Australia on February 23 and was drilled to a total depth of 1,384 meters. Minor oil shows were recorded in the Murta Member during drilling. Wireline logs were run and a Drill St= em Test conducted over the interval 1,078-1,081 meters in the Murta Member recovered a small quantity of mud and trace oil. The well has been plugged and abandoned. The Century Rig 3 was released on March 4, ending the two-well drilling program in PEL 94.

Maryborough Basin - Queensland

= ;

The Burrum-1 well, the first of two coal seam gas exploration wells, spudded in= ATP 613P in the Maryborough Basin of southeast Queensland on February 23. The wells a= re designed to evaluate the coal seam potential of the previously unexplored <= span class=3DSpellE>Burrum Coal Measures in the northern portion of the <= span class=3DSpellE>Burrum Syncline.&nbs= p; Burrum-1 was drilled to a total depth of 438 meters and several thin coal seams have been sampled for desorption analysis.

Eureka Petroleum, a wholly-owned su= bsidiary 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 righ= t to back-in to retain up to a 50% participating interest in any development by matching Eureka’s prior expenditures.

Muthero-5 Details:

Petroleum Title:        &= nbsp;    PL 51, Queensland

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

Coordinates: =             &nb= sp;    Latitude: 27degrees 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; Secondary –Murta Member

Operations for period:       Muthero-5 spudded on February 23, 2007 and was drilled to a total depth of 1,446 m. Wireline lo= gs were run. The well was cased and suspended as a future oil producer and the= rig released on March 3.

Progress f= or Period:      =      0 meters.

Muthero-6 Details:

Petroleum Title:        &= nbsp;    PL 51, Queensland

Location: &nb= sp;            =         Approximately 270 metres east of Muthero-3

Coordinates: =             &nb= sp;    Latitude: 27 degrees 42' 46.68" South

            =             &nb= sp;         Longitude: 142° 36' 55.56" East (= GDA 94)

JV Operator:        &= nbsp;        Santos Limited

Drilling Ri= g:        &= nbsp;        PDI 721

Proposed Total Depth:     1,442 meters RT

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

Operations for period:       Muthero-6 spudded on March 4= , 2007 a= nd drilled to a depth of 221 mRT. Surface cas= ing was set at 217.5 mRT. At 06:00 hr (EST) on= March 7 the well was at a depth of 792 mRT and drilli= ng ahead to the programmed total depth of 1,442 mRT.

Progress f= or Period:      =      792 meters.

Participants in Muthero-5 and Muthero-6 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:            =           Approximately= 4.8 km northeast of Maslins-1

Coordinates:            =       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 Ri= g:        &= nbsp;        Century Rig 3

Total Depth= :        &= nbsp;         1,384 meters RT

Operations for period:       The well spudded on February= 23, 2007. = Surface casing was set at = 586 mRT. The well was then drilled to a total depth of 1,384 mRT. Wireline logs were run and a DST conducted over the interval 1078‑1081 mRT. The well was plug= ged and abandoned and the rig released on March 4.

Progress f= or Period:      =      63 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= %

Burrum-1 Details:

Petroleum Title:        &= nbsp;    ATP 613P Queensland

Location: &nb= sp;            =         Approximately 2 km northeast of the township of Howard and approximately 55 km north of = the city of Maryborough

Coordinates: =             &nb= sp;    MGA 94 56457757E = 7201151S

JV Operator:        &= nbsp;        Magellan Petroleum Corporation=

Drilling Rig:        &= nbsp;        Depco Rig 22 - UDR 1200

Total Depth:        &= nbsp;         438 meters

Objectives:&nbs= p;            &= nbsp;           Co= als of the Burrum Coal Measures

Operations for period:       Burrum-1 spudded on February= 28, 2007 and was drilled in open hole to a depth of 252= m. The well was then fully cored to the total depth of 438 m. Wireline logs have been run to further evaluate the c= oal seams intersected, particularly those in the open-hole section. The well wi= ll be plugged and abandoned as planned.

Progress f= or Period:      =      438 meters.

Participants in Burrum-1 are:

     =      Magellan Petroleum Corporation (Operator)  = ;       10%

     =      Energy Investments Limited    =             &nb= sp;            =     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, 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.