Governance

Magellan Petroleum Corporation (the “Company” or “MPC”) is engaged in the sale of oil and gas and the exploration for and development of oil and gas reserves. The Company’s principal assets are a 100% equity interest in its subsidiary, Magellan Petroleum Australia Limited (MPAL) and 100% controlling interest in Nautilus Poplar, LLC (Nautilus).

MPAL owns interests in various oil and gas properties in Australia and the United Kingdom. MPAL’s primary Australian assets are Mereenie and Palm Valley fields located in the Amadeus Basin in the Northern Territory of Australia. MPAL has a 52% interest in, and is the operator of, the Palm Valley gas field, and has a 35% interest in the Mereenie oil and gas field.

Magellan Petroleum Corporation has an 100% controlling interest in Nautilus, based in Denver, Colorado. Nautilus owns and operates oil development assets in Roosevelt County, Montana known as the East Poplar Unit and the Northwest Poplar field.