Message to our Shareholders, February 16, 2009

To: Our Shareholders
From: Magellan Petroleum Corporation
Date: February 16, 2009

Your Company, Magellan Petroleum Corporation, filed a preliminary proxy with the Security and Exchange Commission late last week. This proxy can be found on our website by following the SEC link to our EDGAR filings and is subject to the normal SEC review over the next few days. At the completion of the SEC review, we will file a final proxy where this material will be final and will also include the date and location of our 2008 annual meeting.

Thank you,
Daniel J. Samela
Chief Financial Officer

Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We may use terms on this web site, such as recoverable barrels of oil, oil-in-place, recoverable oil reserves and probable and possible reserves, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our SEC filings on EDGAR. The Company's Form 10-K can be obtained by writing to the Company at 7 Custom House St., 3rd Floor, Portland, ME 04101. You can also obtain this form from the SEC by calling 1-800-SEC-0300.

The information furnished in this Website by the Company may not be the latest and most current data available. Although the Company will use its best efforts to keep this information current, it does not undertake any duty to continuously update all of the information contained herein.