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Magellan Petroleum Corporation

Property Portfolio

Partners

Australia

Focus Area	Permit	Magellan Interest	Partner	Partner Interest
Amadeus	OL 3	52.023%	Santos	47.977%
	OL 4	35.000%	Santos	65.000%
	OL 5	35.000%	Santos	65.000%
	RL 2	34.337%	Santos	65.664%

United Kingdom

Focus Area	Permit	Magellan Interest	Partner	Partner Interest
Wessex	PEDL 098	22.500%	Northern Petroleum	62.500%
			Encore Oil	7.500%
			Montrose Investments	5.000%
			Oil & Gas Investments	2.500%
	PEDL 152	22.500%	Northern Petroleum	62.500%
			Encore Oil	7.500%
			Montrose Investments	5.000%
			Oil & Gas Investments	2.500%
	PEDL 240	22.500%	Northern Petroleum	62.500%
			Encore Oil	7.500%
			Montrose Investments	5.000%
			Oil & Gas Investments	2.500%

Weald	PEDL 125	40.000%	Northern Petroleum	50.000%
			Encore Oil	10.000%
	PEDL 126	40.000%	Northern Petroleum	50.000%
			Encore Oil	10.000%
	PEDL 135	100.000%
	PEDL 136	100.000%
	PEDL 137	100.000%
	PEDL 153	33.333%	Northern Petroleum	33.334%
			Glencova	33.333%
	PEDL 154	50.000%	Northern Petroleum	40.000%
			Encore Oil	10.000%
	PEDL 155	40.000%	Northern Petroleum	50.000%
			Encore Oil	10.000%
	PEDL 231	50.000%	Celtique Energie	50.000%
	PEDL 232	50.000%	Celtique Energie	50.000%
	PEDL 234	50.000%	Celtique Energie	50.000%
	PEDL 242	100.000%
	PEDL 243	50.000%	Celtique Energie	50.000%
	PEDL 246	100.000%