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Magellan Petroleum Announces

Weekly Drilling Report

Kamel-1 & Thungo-11

Hartford, Conn.= , March 30, 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 Oil Fields – SW Queensland

The Kamel-1 exploration well in PL = 51 in the Cooper Basin of southwest Queensland has been cased and suspended as a future Murta = Member oil producer. Two Drill Stem Tests were attempted over the Murta Member but both failed due to mechanical reasons.

The Thungo-11 a= ppraisal well spudded in PL 51 on March 26. Thungo-= 11 is the last well in the current 10-well drilling program at the Nockatunga area.&nbs= p; The drilling program has been part of the Santos Cooper Oil Program.= At 06:00 hours on March 28 we are preparing to drill out of surface casing.

Kamel-1 Details:=

Petroleum Title: &= nbsp; PL 51, Queensland

Location: &nb= sp; = Approximately 1.7 km north northwest of Thungo-5

Coordinates: = &nb= sp; Latitude: 27 degrees 42' 16.51" South

= &nb= sp; Longitude: 142 degrees 34' 38.24" East (GDA 94)

JV Operator: &= nbsp; Santos Limited

Drilling Ri= g: &= nbsp; PDI 721

Total Depth: &= nbsp; 1391 meters RT

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

Operations for period: Kamel-1 spudded on March 16, 2007 and was drilled to a total depth of 1,391 mRT. Wireline logs were run and 2 DSTs were attempted over= the Murta interval. Both DSTs were unsuccessful due to mechanical reasons. The well was cased and suspended as a future oil produc= er.

Progress f= or Period: = 0 meters.

= ;

Thungo-11 Details:

Petroleum Title:        &= nbsp;    PL 51, Queensland

Location: &nb= sp;            =         Approximately 400 m west southwest of Thungo-6 and =

        &= nbsp;           &nbs= p;             = 300 m northwest of Thungo-4

Coordinates: =             &nb= sp;    Latitude: 27 degrees 43' 45.80" South

            =             &nb= sp;         Longitude: 142 degrees 34' 21.95" East (GDA 94)

JV Operator:        &= nbsp;        Santos Limited

Drilling Ri= g:        &= nbsp;        PDI 721

Proposed Total Depth:     1,269 meters RT

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

Operations for period:       Thungo-11 spudded on March 2= 6, 2007 and was drilled to a surface casing depth of 188 mRT. At 06:00 hours on March 28, we are preparing to drill out of surface casing= .

Progress f= or Period:      =      188 meters.

Participants in Kamel-1 and Thungo-11 are:

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

     =      Santos Limited Group (Operator)   &= nbsp;           &nbs= p; 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 Litigatio= n Reform Act of 1995. These statements about Magellan and MPAL may relate to their businesses and prospects, revenues, expenses, operating cash flows, and oth= er matters that involve a number of uncertainties that may cause actual result= s to differ materially from expectations. Among these risks and uncertainties ar= e 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 up= date any forward-looking statements contained in this release, whether as a resu= lt of new information, future events or otherwise.

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