Magellan Petroleum Provides Australian Operations Update

Magellan Petroleum

) today announced several updates with respect to its Australian operations. NT/P82, Bonaparte Basin In December 2012, Magellan successfully conducted, via a third-party contractor, a 3-D and 2-D seismic survey over its NT/P82 Exploration Permit in the Bonaparte Basin, offshore Northern Territory, Australia. The seismic recording vessel Voyager Explorer, operated by Seabird Exploration FZ-LLC, acquired a total of 76 square miles of 3-D full fold data and 65 miles of 2-D full fold data. The survey was completed on time and approximately $500 thousand under budget. Currently, the seismic data is being processed by CGGVeritas. The results of processing and interpreting the seismic data are expected to be available in or around May 2013. Dingo Gas Field, Amadeus Basin The Company remains focused on developing and executing a plan to bring Dingo gas to market in order to generate sustainable revenue from this asset.  The Company is in active discussions with potential customers regarding long-term gas supply from Dingo.  In parallel to the marketing effort, Magellan has recently commissioned a preliminary front-end engineering and design ("Pre-FEED") study from GPA Engineering Pty Ltd of Adelaide, Australia, to evaluate the cost