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Magellan Petroleum Announces

Drilling Report – Burundi 1 Spuds

PL 33 – Cooper Basin QLD

Hartford, Conn.= , October 9, 2007 – Magellan Petroleum Corporation (NCM: MPET; ASX: MGN) (̶= 0;Magellan”) announced that its 100% owned subsidiary, Magella= n Petroleum Australia Limited (“MPAL”) advises the following drilling report.

The Burundi 1 near field exploration well spudded in PL 3= 3 in the Cooper Basin of southwest Queensland on Octo= ber 4. Burundi 1 is the first of a two well drilling program planned for the Nockatunga area in October. The Maxwell 5 appraisal w= ell in PL 50 will follow.

Burundi 1 is located approximately 7.5 kilometers south of the Nockatun= ga oil facility and 9.5 kilometers southwest = of the Thungo oil field. The Burundi prospect is a 4-way d= ip closed structure located on the western end of the Kar= win Complex, immediately updip of the Karwin Trough.

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The primary oil reservoir objectives in Burund= i 1 are the Murta Formation and the Birkhead Formation. The Burundi= 1 well which is being operated by Santos is programmed to have a total depth of approximately 1,436 meters RT.<= /span>

Bu= rundi 1 Details:

Petroleum Title: &= nbsp; PL 33, Queensland

Location: &nb= sp; = approximately 7.5 km S of the Nockatunga oil facility and 9.5= km southwest of the Thungo oil field

Coordinates: = &nb= sp; Latitude: 27 degrees 46' 49.24" South = ;

= &nb= sp; Longitude: 142 degrees 30' 28.62" East (GDA 94)

Drilling Rig: &= nbsp; PDI 721

Proposed Total Depth: 1,436 meters RT

Objectives:&nbs= p; &= nbsp; Pr= imary oil – the Murta Formation and the Birkhead Formation&n= bsp;

Operations:&nbs= p; &= nbsp; Burundi= 1 spudded on October 4=

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Partic= ipants in Burundi 1 are:

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

= Santos Limited (ASX:STO)(Operator) = &nb= sp; 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, a= nd other 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.