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|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |
| Delaware                                                      |   | 06-0842255 |
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. EmployerIdentification No.) |
| 1775 Sherman Street, Suite 1950, Denver, CO                   |   | 80203 |
| (Address of principal executive offices)                      |   | (Zip Code) |

|                                         |
|-----------------------------------------|
|                                         |  |  |
| Title of Each Class                     |   | Name of each exchange on which registered |
| Common stock, par value $0.01 per share |   | NASDAQ Capital Market |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |
| Large accelerated filer o |   | Accelerated filer o |   | Non-accelerated filer o |   | Smaller reporting company þ |
|                                     |   |   |   | (Do not check if a smaller reporting company) |   |   |

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|               |
|---------------|
|               |  |  |
| ITEM          |   | PAGE |
|          | PART I |   |
| ITEMS 1 and 2 | BUSINESS AND PROPERTIES | 4 |
|          | General | 4 |
|          | Strategy | 4 |
|          | Significant developments in fiscal year 2012 | 4 |
|          | Outlook for fiscal year 2013 | 6 |
|          | Operations | 7 |
|          | Reserves | 9 |
|          | Volumes and realized prices | 11 |
|          | Productive wells | 12 |
|          | Drilling activity | 12 |
|          | Acreage | 13 |
|          | Titles to property, permits, and licenses | 13 |
|          | Marketing activities and customers | 14 |
|          | Current market conditions and competition | 15 |
|          | Employees and office space | 15 |
|          | Government regulations | 15 |
|          | Available information | 18 |
|          | Non-GAAP financial measures and reconciliation | 18 |
| ITEM 1A       | RISK FACTORS | 19 |
| ITEM 1B       | UNRESOLVED STAFF COMMENTS | 28 |
| ITEM 3        | LEGAL PROCEEDINGS | 28 |
| ITEM 4        | MINE SAFETY DISCLOSURES | 28 |
|          |   |   |
|          | PART II |   |
| ITEM 5        | MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES | 29 |
| ITEM 6        | SELECTED FINANCIAL DATA | 30 |
| ITEM 7        | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 31 |
|          | Introduction | 31 |
|          | Overview of the Company | 31 |
|          | Summary results of operations for the year ended June 30, 2012 | 31 |
|          | Highlights of operational activities | 32 |
|          | Acquisitions and divestitures | 33 |
|          | Other items | 34 |
|          | Consolidated liquidity and capital resources | 34 |
|          | Comparison of financial results and trends between fiscal 2012 and 2011 | 37 |
|          | Comparison of financial results and trends between fiscal 2011 and 2010 | 40 |
|          | Off-balance sheet arrangements | 43 |
|          | Critical accounting policies and estimates | 43 |
|          | Forward looking statements | 45 |
| ITEM 7A       | QUANTITATIVE AND QUALITATITVE DISCLOSURES ABOUT MARKET RISK | 46 |
| ITEM 8        | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | 47 |
| ITEM 9        | CHANGES IN, AND DISAGREEMENTS WITH, ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE | 82 |
| ITEM 9A       | CONTROLS AND PROCEDURES | 82 |
| ITEM 9B       | OTHER INFORMATION | 84 |

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|         |
|---------|
|         |  |  |
|    | PART III |   |
| ITEM 10 | DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE | 84 |
| ITEM 11 | EXECUTIVE COMPENSATION | 84 |
| ITEM 12 | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS | 84 |
| ITEM 13 | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE | 85 |
| ITME 14 | PRINCIPAL ACCOUNTING FEES AND SERVICES | 85 |
|    |   |   |
|    | PART IV |   |
| ITEM 15 | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES | 85 |

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|         |                                                 |
|---------|-------------------------------------------------|
| • | Implementing a pilot CO2-EOR project at Poplar; |

|         |                                                                                                |
|---------|------------------------------------------------------------------------------------------------|
| • | Shooting and processing 3-D seismic over NT/P82, our exploration block offshore Australia; and |

|         |                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------|
| • | Determining an exploration program for the unconventional formations in our United Kingdom leases. |

|         |                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------|
| • | Evaluating the potential of, and possibly participating in the development of, the deeper formations at Poplar with our partner, VAALCO; |

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|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |
|                                   | Oil(Mbbls) |   | Gas(MMcf) |   | Total(Mboe)(1) |
| Proved developed producing (PDP):      |   |   |   |   |   |
| United States                          | 1,136 |  |   | — |  |   | 1,136 |  |
| Australia                              | — |  |   | 6,514 |  |   | 1,086 |  |
| Total                                  | 1,136 |  |   | 6,514 |  |   | 2,222 |  |
|                                   |   |   |   |   |   |
| Proved developed not producing (PDNP): |   |   |   |   |   |
| United States                          | 511 |  |   | — |  |   | 511 |  |
| Australia                              | — |  |   | 4,979 |  |   | 830 |  |
| Total                                  | 511 |  |   | 4,979 |  |   | 1,341 |  |
|                                   |   |   |   |   |   |
| Proved undeveloped (PUD):              |   |   |   |   |   |
| United States                          | 7,258 |  |   | — |  |   | 7,258 |  |
| Australia                              | — |  |   | — |  |   | — |  |
| Total                                  | 7,258 |  |   | — |  |   | 7,258 |  |
|                                   |   |   |   |   |   |
| Total proved reserves                  | 8,905 |  |   | 11,493 |  |   | 10,821 |  |

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|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |  |
|                               | Oil(Mbbls) |   | Gas(MMcf) |   | Total(Mboe)(1) |
| PDP%                               | 13 | % |   | 57 | % |   | 21 | % |
| PDNP%                              | 6 | % |   | 43 | % |   | 12 | % |
| PUD%                               | 81 | % |   | — | % |   | 67 | % |
|                               |   |   |   |   |   |
| Probable:                          |   |   |   |   |   |
| Developed                          | — |  |   | 3,759 |  |   | 627 |  |
| Undeveloped                        | 4,097 |  |   | 10,065 |  |   | 5,775 |  |
| Total                              | 4,097 |  |   | 13,824 |  |   | 6,402 |  |
|                               |   |   |   |   |   |
| Total proved and probable reserves | 13,002 |  |   | 25,317 |  |   | 17,223 |  |
|                               |   |   |   |   |   |
| Proved %                           | 68 | % |   | 45 | % |   | 63 | % |
| Probable %                         | 32 | % |   | 55 | % |   | 37 | % |

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|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                       | Volumes |   | Average realized price (2) |   | Production costs (3)(Per boe)(1) |
|                       | Oil(Mbbls) |   | Gas(MMcf) |   | Total(Mboe)(1) |   | Oil(Per bbl) |   | Gas(Per Mcf) |   | Total(Per boe)(1) |   |
| Fiscal year ended June 30, |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2012                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| United States              | 75 |  |   | — |  |   | 75 |  |   | $ | 82.66 |  |   | $ | — |  |   | $ | 82.66 |  |   | $ | 70.06 |  |
| Australia                  | 45 |  |   | 434 |  |   | 119 |  |   | $ | 137.21 |  |   | $ | 3.11 |  |   | $ | 64.40 |  |   | $ | 65.13 |  |
| All other areas            | 2 |  |   | — |  |   | 2 |  |   | * |  |   | $ | — |  |   | * |  |   | $ | — |  |
| Total                      | 122 |  |   | 434 |  |   | 196 |  |   | $ | 101.64 |  |   | $ | 3.11 |  |   | $ | 70.95 |  |   | $ | 66.47 |  |
|                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2011                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| United States              | 68 |  |   | — |  |   | 68 |  |   | $ | 77.96 |  |   | $ | — |  |   | $ | 77.96 |  |   | $ | 43.85 |  |
| Australia                  | 55 |  |   | 712 |  |   | 174 |  |   | $ | 98.60 |  |   | $ | 2.26 |  |   | $ | 47.27 |  |   | $ | 36.10 |  |
| Total                      | 123 |  |   | 712 |  |   | 242 |  |   | $ | 96.11 |  |   | $ | 2.26 |  |   | $ | 56.27 |  |   | $ | 38.28 |  |
|                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2010                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| United States              | 42 |  |   | — |  |   | 42 |  |   | $ | 67.88 |  |   | $ | — |  |   | $ | 67.88 |  |   | $ | 36.44 |  |
| Australia                  | 68 |  |   | 3,430 |  |   | 640 |  |   | $ | 75.46 |  |   | $ | 4.47 |  |   | $ | 31.22 |  |   | $ | 12.83 |  |
| All other areas            | 29 |  |   | — |  |   | 29 |  |   | * |  |   | $ | — |  |   | * |  |   | $ | — |  |
| Total                      | 139 |  |   | 3,430 |  |   | 711 |  |   | $ | 70.75 |  |   | $ | 4.47 |  |   | $ | 33.02 |  |   | $ | 13.67 |  |

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|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|          | Oil Wells |   | Gas Wells |   | Total Wells |
|          | Gross (1) |   | Net (2) |   | Gross (1) |   | Net (2) |   | Gross (1) |   | Net (2) |
| United States | 39.0 |  |   | 37.4 |  |   | — |  |   | — |  |   | 39.0 |  |   | 37.4 |  |
| Australia     | — |  |   | — |  |   | 1.0 |  |   | 1.0 |  |   | 1.0 |  |   | 1.0 |  |
| Total         | 39.0 |  |   | 37.4 |  |   | 1.0 |  |   | 1.0 |  |   | 40.0 |  |   | 38.4 |  |

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                        | June 30, |
|                        | 2012 |   | 2011 |   | 2010 |
|                        | Productive (2) |   | Dry (3) |   | Productive (2) |   | Dry (3) |   | Productive (2) |   | Dry (3) |
| Development wells, net (1): |   |   |   |   |   |   |   |   |   |   |   |
| United States               | 4.0 |  |   | 1.0 |  |   | 1.0 |  |   | — |  |   | — |  |   | — |  |
| Australia                   | — |  |   | — |  |   | — |  |   | — |  |   | 0.4 |  |   | — |  |
| Total                       | 4.0 |  |   | 1.0 |  |   | 1.0 |  |   | — |  |   | 0.4 |  |   | — |  |
|                        |   |   |   |   |   |   |   |   |   |   |   |
| Exploratory wells, net (1): |   |   |   |   |   |   |   |   |   |   |   |
| United States               | 1.0 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Australia                   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 0.9 |  |
| Total                       | 1.0 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 0.9 |  |
|                        |   |   |   |   |   |   |   |   |   |   |   |
| Total net wells             | 5.0 |  |   | 1.0 |  |   | 1.0 |  |   | — |  |   | 0.4 |  |   | 0.9 |  |

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|                 |
|-----------------|
|                 |  |  |  |  |  |
|            | Still in Progress |
|            | Gross (1) |   | Net (2) |
| United States   | 1.0 |  |   | 1.0 |  |
| All other areas | 1.0 |  |   | 0.4 |  |
| Total           | 2.0 |  |   | 1.4 |  |

|                 |
|-----------------|
|                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|            | Developed (1) |   | Undeveloped (4) |   | Total |
|            | Gross (2) |   | Net (3) |   | Gross (2) |   | Net (3) |   | Gross (2) |   | Net (3) |
| United States   |   |   |   |   |   |   |   |   |   |   |   |
| Poplar          | 22,913 |  |   | 22,035 |  |   | — |  |   | — |  |   | 22,913 |  |   | 22,035 |  |
| Australia       |   |   |   |   |   |   |   |   |   |   |   |
| Palm Valley     | 41,644 |  |   | 41,644 |  |   | 116,288 |  |   | 116,288 |  |   | 157,932 |  |   | 157,932 |  |
| Dingo           | — |  |   | — |  |   | 116,139 |  |   | 116,139 |  |   | 116,139 |  |   | 116,139 |  |
| NT/P82          | — |  |   | — |  |   | 1,566,647 |  |   | 1,566,647 |  |   | 1,566,647 |  |   | 1,566,647 |  |
| All other areas |   |   |   |   |   |   |   |   |   |   |   |
| United Kingdom  | — |  |   | — |  |   | 410,909 |  |   | 241,769 |  |   | 410,909 |  |   | 241,769 |  |
| Total           | 64,557 |  |   | 63,679 |  |   | 2,209,983 |  |   | 2,040,843 |  |   | 2,274,540 |  |   | 2,104,522 |  |

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|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Permit                              |   | Geologic basin |   | Expiration date |   | Operator |   | Ownership interest |   | Grossacres (1) |   | Netacres (2) |
| Petroleum Lease No. 3 (Palm Valley) |   | Amadeus |   | 11/7/2024 |   | Magellan |   | 100% |   | 157,932 |  |   | 157,932 |  |
| Retention License No. 2 (Dingo)     |   | Amadeus |   | 2/16/2014 |   | Magellan |   | 100% |   | 116,139 |  |   | 116,139 |  |
| NT/P82 (Timor Sea)                  |   | Bonaparte |   | 5/12/2016 |   | Magellan |   | 100% |   | 1,566,647 |  |   | 1,566,647 |  |
| Total                               |   |   |   |   |   |   |   |   |   | 1,840,718 |  |   | 1,840,718 |  |

|          |
|----------|
|          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| License  |   | Geologic basin |   | Expiration date |   | Operator |   | Ownership interest |   | Grossacres (1) |   | Netacres (2) |
| PEDL 126 |   | Weald |   | 6/30/2014 |   | Northern |   | 40% |   | 30,124 |  |   | 12,050 |  |
| PEDL 135 |   | Weald |   | 9/30/2012 |   | Magellan |   | 100% |   | 49,147 |  |   | 49,147 |  |
| PEDL 137 |   | Weald |   | 9/30/2013 |   | Magellan |   | 100% |   | 24,525 |  |   | 24,525 |  |
| PEDL 155 |   | Weald |   | 9/30/2015 |   | Northern |   | 40% |   | 13,029 |  |   | 5,212 |  |
| PEDL 231 |   | Weald |   | 6/30/2014 |   | Celtique |   | 50% |   | 98,880 |  |   | 49,440 |  |
| PEDL 232 |   | Weald |   | 6/30/2014 |   | Celtique |   | 50% |   | 23,342 |  |   | 11,671 |  |
| PEDL 234 |   | Weald |   | 6/30/2014 |   | Celtique |   | 50% |   | 74,100 |  |   | 37,050 |  |
| PEDL 240 |   | Wessex |   | 6/30/2014 |   | Northern |   | 23% |   | 1,778 |  |   | 409 |  |
| PEDL 243 |   | Weald |   | 6/30/2014 |   | Celtique |   | 50% |   | 74,100 |  |   | 37,050 |  |
| PEDL 246 |   | Weald |   | 6/30/2014 |   | Magellan |   | 100% |   | 10,769 |  |   | 10,769 |  |
| PEDL 256 |   | Weald |   | 4/30/2015 |   | Northern |   | 40% |   | 11,115 |  |   | 4,446 |  |
| Total    |   |   |   |   |   |   |   |   |   | 410,909 |  |   | 241,769 |  |

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|         |                                                                       |
|---------|-----------------------------------------------------------------------|
| • | require the acquisition of various permits before drilling commences; |

|         |                                                                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | restrict the types, quantities, and concentration of various substances that can be released into the environment in connection with oil and natural gas drilling and production and saltwater disposal activities; |

|         |                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | limit or prohibit drilling activities on certain lands lying within wilderness, wetlands, and other protected areas, including areas containing certain wildlife or threatened and endangered plant and animal species; and |

|         |                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| • | require remedial measures to mitigate pollution from former and ongoing operations, such as requirements to close pits and plug abandoned wells. |

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|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |
|                                                                       | June 30, |
|                                                                       | 2012 |   | 2011 |   | 2010 |
|                                                                       | (In thousands) |
| Net income (loss) attributable to Magellan Petroleum Corporation           | $ | 26,498 |  |   | $ | (32,432 | ) |   | $ | (1,446 | ) |
| Depletion, depreciation, amortization, and accretion expense               | 1,744 |  |   | 2,890 |  |   | 5,428 |  |
| Exploration expense                                                        | 6,291 |  |   | 2,854 |  |   | 1,273 |  |
| Stock based compensation expense                                           | 1,560 |  |   | 1,670 |  |   | 2,305 |  |
| Foreign transaction loss                                                   | 1,038 |  |   | 951 |  |   | 677 |  |
| Impairment expense                                                         | 328 |  |   | 173 |  |   | 2,050 |  |
| Loss on Evans Shoal                                                        | — |  |   | 15,893 |  |   | — |  |
| Gain on sale of assets                                                     | (40,413 | ) |   | (969 | ) |   | (6,817 | ) |
| Warrant expense                                                            | — |  |   | — |  |   | 4,276 |  |
| Net interest income                                                        | (749 | ) |   | (923 | ) |   | (1,038 | ) |
| Other income                                                               | (9 | ) |   | — |  |   | (1,975 | ) |
| Income tax (benefit) provision                                             | (5,951 | ) |   | 5,141 |  |   | 2,646 |  |
| Net (loss) income attributable to non-controlling interest in subsidiaries | (15 | ) |   | (5 | ) |   | (11 | ) |
| Adjusted EBITDAX                                                           | $ | (9,678 | ) |   | $ | (4,757 | ) |   | $ | 7,368 |  |

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|         |                                 |
|---------|---------------------------------|
| • | unexpected drilling conditions; |

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|         |                 |
|---------|-----------------|
| • | title problems; |

|         |                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------|
| • | disputes with owners or holders of surface interests on or near areas where we intend to drill; |

|         |                                                    |
|---------|----------------------------------------------------|
| • | pressure or geologic irregularities in formations; |

|         |                                      |
|---------|--------------------------------------|
| • | engineering and construction delays; |

|         |                                  |
|---------|----------------------------------|
| • | equipment failures or accidents; |

|         |                             |
|---------|-----------------------------|
| • | adverse weather conditions; |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | compliance with environmental and other governmental requirements; and |

|         |                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------|
| • | shortages or delays in the availability of or increases in the cost of drilling rigs and crews, equipment, pipe, water, and other supplies. |

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|         |                                                                                            |
|---------|--------------------------------------------------------------------------------------------|
| • | the possibility that such third parties may not be available to us as and when needed; and |

|         |                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------|
| • | the risk that we may not be able to properly control the timing and quality of work conducted with respect to our projects. |

|         |                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------|
| • | worldwide and domestic supplies of oil and gas, and the productive capacity of the oil and gas industry as a whole; |

|         |                                                  |
|---------|--------------------------------------------------|
| • | changes in the supply and demand for such fuels; |

|         |                                                  |
|---------|--------------------------------------------------|
| • | overall global and domestic economic conditions; |

|         |                                                                                              |
|---------|----------------------------------------------------------------------------------------------|
| • | political conditions in oil, natural gas, and other fuel-producing and fuel-consuming areas; |

|         |                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the extent of Australian domestic oil and gas production and importation of such fuels and substitute fuels in Australian and other relevant markets; |

|         |                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the availability and capacity of gathering, transportation, processing, and/or refining facilities in regional or localized areas that may affect the realized price for crude oil or natural gas; |

|         |                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------|
| • | weather conditions, including effects of weather conditions on prices and supplies in worldwide energy markets; |

|         |                                                      |
|---------|------------------------------------------------------|
| • | technological advances affecting energy consumption; |

|         |                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the ability of the members of the Organization of Petroleum Exporting Countries to agree to and maintain crude oil prices and production controls; |

|         |                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------|
| • | the competitive position of each such fuel as a source of energy as compared to other energy sources; |

|         |                                                                                           |
|---------|-------------------------------------------------------------------------------------------|
| • | strengthening and weakening of the United States dollar relative to other currencies; and |

|         |                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------|
| • | the effect of governmental regulation and taxes on the production, transportation, and sale of oil, natural gas, and other fuels. |

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|         |                                                   |
|---------|---------------------------------------------------|
| • | actual prices we receive for oil and natural gas; |

|         |                                                         |
|---------|---------------------------------------------------------|
| • | actual cost of development and production expenditures; |

|         |                                             |
|---------|---------------------------------------------|
| • | the amount and timing of actual production; |

|         |                                                   |
|---------|---------------------------------------------------|
| • | supply of and demand for oil and natural gas; and |

|         |                                                  |
|---------|--------------------------------------------------|
| • | changes in governmental regulations or taxation. |

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|         |                         |
|---------|-------------------------|
| • | injury or loss of life; |

|         |                                                                                  |
|---------|----------------------------------------------------------------------------------|
| • | severe damage to, or destruction of, property, natural resources, and equipment; |

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|         |                                          |
|---------|------------------------------------------|
| • | pollution or other environmental damage; |

|         |                            |
|---------|----------------------------|
| • | clean-up responsibilities; |

|         |                                          |
|---------|------------------------------------------|
| • | regulatory investigations and penalties; |

|         |                           |
|---------|---------------------------|
| • | suspension of operations; |

|         |                                                                                                                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | and compliance with, or changes in, environmental laws and regulations relating to air emissions, waste disposal and hydraulic fracturing, laws and regulations imposing conditions and restrictions on drilling and completion operations, and other laws and regulations, such as tax laws and regulations. |

|         |                                                           |
|---------|-----------------------------------------------------------|
| • | nature and timing of drilling and operational activities; |

|         |                                            |
|---------|--------------------------------------------|
| • | timing and amount of capital expenditures; |

|         |                                    |
|---------|------------------------------------|
| • | expertise and financial resources; |

|         |                                                           |
|---------|-----------------------------------------------------------|
| • | the approval of other participants in drilling wells; and |

|         |                                   |
|---------|-----------------------------------|
| • | selection of suitable technology. |

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|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| • | eliminating the immediate deduction for intangible drilling and development costs; |

|         |                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------|
| • | eliminating the deduction from income for domestic production activities relating to oil and natural gas exploration and development; |

|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | repealing the percentage depletion allowance for oil and gas properties; |

|         |                                                                                            |
|---------|--------------------------------------------------------------------------------------------|
| • | extending the amortization period for certain geological and geophysical expenditures; and |

|         |                                                 |
|---------|-------------------------------------------------|
| • | implementing certain international tax reforms. |

|         |                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------|
| • | authorize us to issue preferred stock that can be created and issued by the board of directors without prior stockholder |

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|         |                                                                                           |
|---------|-------------------------------------------------------------------------------------------|
| • | classify our board of directors so that only some of our directors are elected each year; |

|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | prohibit stockholders from calling special meetings of stockholders; and |

|         |                                                                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | establish advance notice requirements for submitting nominations for election to the board of directors and for proposing matters that can be acted upon by stockholders at a meeting. |

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|                    |
|--------------------|
|                    |  |  |  |  |
| Quarter ended      |   | High |   | Low |
| June 30, 2012      |   | $1.39 |   | $1.01 |
| March 31, 2012     |   | $1.49 |   | $0.87 |
| December 31, 2011  |   | $1.24 |   | $0.89 |
| September 30, 2011 |   | $1.89 |   | $1.12 |
|               |   |   |   |   |
| June 30, 2011      |   | $2.58 |   | $1.38 |
| March 31, 2011     |   | $3.45 |   | $2.27 |
| December 31, 2010  |   | $3.03 |   | $1.78 |
| September 30, 2010 |   | $1.97 |   | $1.49 |

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|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Period                          |   | Total Number of Shares Purchased |   | Average Price Paid per Share |   | Total Number of Shares Purchased as Part of Publicly Announced Program |   | Maximum Number of Shares that May Yet be Purchased Under the Program |
| April 1, 2012 - April 30 , 2012 |   | — |  |   | $ | — |  |   | — |  |   | 319,150 |  |
| May 1, 2012 - May 31, 2012      |   | — |  |   | $ | — |  |   | — |  |   | 319,150 |  |
| June 1, 2012 - June 30, 2012    |   | — |  |   | $ | — |  |   | — |  |   | 319,150 |  |
| Total                           |   | — |  |   | $ | — |  |   | — |  |   | 319,150 |  |

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|                                                                  |
|------------------------------------------------------------------|
|                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                             | June 30, |
|                                                             | 2012 |   | 2011 |   | 2010 |   | 2009 |   | 2008 |
|                                                             | (In thousands, except per share amounts) |
| Total revenues                                                   | $ | 13,712 |  |   | $ | 18,176 |  |   | $ | 28,525 |  |   | $ | 28,191 |  |   | $ | 40,895 |  |
| Net income (loss) attributable to Magellan Petroleum Corporation | $ | 26,498 |  |   | $ | (32,432 | ) |   | $ | (1,446 | ) |   | $ | 665 |  |   | $ | (8,892 | ) |
| Net income (loss) per basic share outstanding                    | $ | 0.49 |  |   | $ | (0.62 | ) |   | $ | (0.03 | ) |   | $ | 0.02 |  |   | $ | (0.21 | ) |
| Net income (loss) per diluted share outstanding                  | $ | 0.49 |  |   | $ | (0.62 | ) |   | $ | (0.03 | ) |   | $ | 0.02 |  |   | $ | (0.21 | ) |
| Total assets                                                     | $ | 92,574 |  |   | $ | 71,574 |  |   | $ | 90,706 |  |   | $ | 71,704 |  |   | $ | 85,295 |  |
| Long-term debt                                                   | $ | 390 |  |   | $ | 870 |  |   | $ | 232 |  |   | $ | — |  |   | $ | — |  |
| Total equity attributable to Magellan Petroleum Corporation      | $ | 72,908 |  |   | $ | 52,528 |  |   | $ | 71,904 |  |   | $ | 53,513 |  |   | $ | 62,463 |  |
| Non-controlling interest in subsidiaries                         | $ | — |  |   | $ | 1,989 |  |   | $ | 1,914 |  |   | $ | — |  |   | $ | — |  |

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|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                        | Total |   | Less than1 year |   | 1-3 years |   | 3-5 years |   | More than 5 years |
|                                        | (In thousands) |
| Purchase obligations (1)                    | $ | 5,385 |  |   | $ | 5,385 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Asset retirement obligations                | 7,784 |  |   | 329 |  |   | 1,321 |  |   | — |  |   | 6,134 |  |
| Contingent consideration payable (2)        | 4,072 |  |   | — |  |   | 4,072 |  |   | — |  |   | — |  |
| Operating leases (3)                        | 1,152 |  |   | 97 |  |   | 424 |  |   | 541 |  |   | 90 |  |
| Long term debt, including interest (4) | 918 |  |   | 517 |  |   | 401 |  |   | — |  |   | — |  |
| Total                                       | $ | 19,311 |  |   | $ | 6,328 |  |   | $ | 6,218 |  |   | $ | 541 |  |   | $ | 6,224 |  |

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|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |
|                    | June 30, |
|                    | 2012 |   | 2011 |
|                    | (In thousands) |
| Outstanding borrowings: |   |   |   |
| Term loan               | $ | 870 |  |   | $ | 1,422 |  |
| Line of credit          | 50 |  |   | 1 |  |
| Total                   | $ | 920 |  |   | $ | 1,423 |  |

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |
|                                                         | June 30, |
|                                                         | 2012 |   | 2011 |
|                                                         | (In thousands) |
| Cash (used in) provided by:                                  |   |   |   |
| Operating activities                                         | $ | (10,441 | ) |   | $ | (4,495 | ) |
| Investing activities                                         | 35,629 |  |   | (13,481 | ) |
| Financing activities                                         | (3,928 | ) |   | 561 |  |
| Effect of exchange rate changes on cash and cash equivalents | (462 | ) |   | 4,240 |  |
| Net increase (decrease) in cash and cash equivalents         | $ | 20,798 |  |   | $ | (13,175 | ) |

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|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |
|                         | June 30, |   |   |   |   |
|                         | 2012 |   | 2011 |   | Difference |   | Percent change |
| Net sales by field:          |   |   |   |   |   |   |   |
| Poplar (Mbbls)               | 75 |  |   | 68 |  |   | 7 |  |   | 10 |  % |
|                         |   |   |   |   |   |   |   |
| Palm Valley gas (MMcf)       | 434 |  |   | 712 |  |   | (278 | ) |   | (39 | )% |
| Mereenie oil (Mbbls)         | 45 |  |   | 55 |  |   | (10 | ) |   | (18 | )% |
| Total Australia sales (Mboe) | 119 |  |   | 174 |  |   | (55 | ) |   | (32 | )% |
|                         |   |   |   |   |   |   |   |
| Net sales by product:        |   |   |   |   |   |   |   |
| Oil (Mbbls)                  | 122 |  |   | 123 |  |   | (1 | ) |   | (1 | )% |
| Gas (MMcf)                   | 434 |  |   | 712 |  |   | (278 | ) |   | (39 | )% |
|                         |   |   |   |   |   |   |   |
| Consolidated sales (Mboe)    | 194 |  |   | 242 |  |   | (48 | ) |   | (20 | )% |
| Consolidated sales (boepd)   | 531 |  |   | 662 |  |   | (131 | ) |   | (20 | )% |

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|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                        | June 30, |   |   |   |   |
|                        | 2012 |   | 2011 |   | Difference |   | Percent change |
| Average realized price (1): |   |   |   |   |   |   |   |
| Poplar (USD/bbl)            | $ | 82.66 |  |   | $ | 77.96 |  |   | $ | 4.70 |  |   | 6 | % |
| Palm Valley (AUD/Mcf)       | $ | 3.01 |  |   | $ | 2.28 |  |   | $ | 0.73 |  |   | 32 | % |
| Mereenie oil (AUD/bbl)      | $ | 132.92 |  |   | $ | 99.67 |  |   | $ | 33.25 |  |   | 33 | % |
| Consolidated (USD/boe)      | $ | 70.95 |  |   | $ | 56.27 |  |   | $ | 14.68 |  |   | 26 | % |

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                        | June 30, |   |   |   |   |
|                        | 2012 |   | 2011 |   | Difference |   | Percent change |
|                        | (In thousands) |   |   |   |   |
| Net revenue by source:      |   |   |   |   |   |   |   |
| Poplar (USD)                | $ | 6,172 |  |   | $ | 5,383 |  |   | $ | 789 |  |   | 15 |  % |
| Palm Valley (USD)           | 1,347 |  |   | 1,778 |  |   | (431 | ) |   | (24 | )% |
| Mereenie (USD)              | 6,232 |  |   | 6,432 |  |   | (200 | ) |   | (3 | )% |
| Other (USD)                 | (39 | ) |   | 4,583 |  |   | (4,622 | ) |   | (101 | )% |
| Total (USD)                 | $ | 13,712 |  |   | $ | 18,176 |  |   | $ | (4,464 | ) |   | (25 | )% |
|                        |   |   |   |   |   |   |   |
| Palm Valley (AUD)           | $ | 1,305 |  |   | $ | 1,797 |  |   | $ | (492 | ) |   | (27 | )% |
| Mereenie (AUD)              | $ | 6,037 |  |   | $ | 6,502 |  |   | $ | (465 | ) |   | (7 | )% |
|                        |   |   |   |   |   |   |   |
| Net revenues by type (USD): |   |   |   |   |   |   |   |
| Oil                         | $ | 12,405 |  |   | $ | 11,815 |  |   | $ | 590 |  |   | 5 |  % |
| Gas                         | 1,353 |  |   | 1,796 |  |   | (443 | ) |   | (25 | )% |
| Other                       | (46 | ) |   | 4,565 |  |   | (4,611 | ) |   | (101 | )% |
| Total                       | $ | 13,712 |  |   | $ | 18,176 |  |   | $ | (4,464 | ) |   | (25 | )% |

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|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                 | June 30, |   |   |   |   |
|                                                 | 2012 |   | 2011 |   | Difference |   | Percent change |
|                                                 | (In thousands) |   |   |   |   |
| Selected operating expenses (USD):                   |   |   |   |   |   |   |   |
| Lease operating                                      | $ | 12,897 |  |   | $ | 9,247 |  |   | $ | 3,650 |  |   | 39 |  % |
| Depletion, depreciation, amortization, and accretion | $ | 1,744 |  |   | $ | 2,890 |  |   | $ | (1,146 | ) |   | (40 | )% |
| Exploration                                          | $ | 6,291 |  |   | $ | 2,854 |  |   | $ | 3,437 |  |   | 120 |  % |
| General and administrative                           | $ | 13,091 |  |   | $ | 16,307 |  |   | $ | (3,216 | ) |   | (20 | )% |
|                                                 |   |   |   |   |   |   |   |
| Selected operating expenses (USD/boe):               |   |   |   |   |   |   |   |
| Lease operating                                      | $ | 66 |  |   | $ | 38 |  |   | $ | 28 |  |   | 74 |  % |
| Depletion, depreciation, amortization, and accretion | $ | 9 |  |   | $ | 12 |  |   | $ | (3 | ) |   | (25 | )% |
| Exploration                                          | $ | 32 |  |   | $ | 12 |  |   | $ | 20 |  |   | 167 |  % |
| General and administrative                           | $ | 67 |  |   | $ | 67 |  |   | $ | — |  |   | — |  % |

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          | June 30, |   |   |   |   |
|                          | 2012 |   | 2011 |   | Difference |   | Percent change |
|                          | (In thousands) |   |   |   |   |
| Depreciation and amortization | $ | 433 |  |   | $ | 441 |  |   | $ | (8 | ) |   | (2 | )% |
| Depletion                     | 743 |  |   | 1,885 |  |   | (1,142 | ) |   | (61 | )% |
| ARO accretion                 | 568 |  |   | 564 |  |   | 4 |  |   | 1 |  % |
| Total                         | $ | 1,744 |  |   | $ | 2,890 |  |   | $ | (1,146 | ) |   | (40 | )% |

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|                                                                                              |
|----------------------------------------------------------------------------------------------|
|                                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                         | June 30, |   |   |   |   |
|                                                                                         | 2012 |   | 2011 |   | Difference |   | Percent change |
|                                                                                         | (In thousands) |   |   |   |   |
| General and administrative (excluding stock based compensation and foreign transaction loss) | $ | 10,493 |  |   | $ | 13,686 |  |   | $ | (3,193 | ) |   | (23 | )% |
| Stock based compensation                                                                     | 1,560 |  |   | 1,670 |  |   | (110 | ) |   | (7 | )% |
| Foreign transaction loss                                                                     | 1,038 |  |   | 951 |  |   | 87 |  |   | 9 |  % |
| Total                                                                                        | $ | 13,091 |  |   | $ | 16,307 |  |   | $ | (3,216 | ) |   | (20 | )% |

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |
|                         | June 30, |   |   |   |   |
|                         | 2011 |   | 2010 |   | Difference |   | Percent change |
| Net sales by field:          |   |   |   |   |   |   |   |
| Poplar (Mbbls)               | 68 |  |   | 42 |  |   | 26 |  |   | 62 |  % |
|                         |   |   |   |   |   |   |   |
| Palm Valley gas (MMcf)       | 712 |  |   | 1,166 |  |   | (454 | ) |   | (39 | )% |
| Mereenie gas (MMcf)          | — |  |   | 2,264 |  |   | (2,264 | ) |   | (100 | )% |
| Mereenie oil (Mbbls)         | 55 |  |   | 68 |  |   | (13 | ) |   | (19 | )% |
| Other MPAL oil sales (Mbbls) | — |  |   | 29 |  |   | (29 | ) |   | (100 | )% |
| Total Australia sales (Mboe) | 174 |  |   | 669 |  |   | (495 | ) |   | (74 | )% |
|                         |   |   |   |   |   |   |   |
| Net sales by product:        |   |   |   |   |   |   |   |
| Oil (Mbbls)                  | 123 |  |   | 139 |  |   | (16 | ) |   | (12 | )% |
| Gas (MMcf)                   | 712 |  |   | 3,430 |  |   | (2,718 | ) |   | (79 | )% |
|                         |   |   |   |   |   |   |   |
| Consolidated sales (Mboe)    | 242 |  |   | 711 |  |   | (469 | ) |   | (66 | )% |
| Consolidated sales (boepd)   | 662 |  |   | 1,948 |  |   | (1,286 | ) |   | (66 | )% |

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|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                        | June 30, |   |   |   |   |
|                        | 2011 |   | 2010 |   | Difference |   | Percent change |
| Average realized price (1): |   |   |   |   |   |   |   |
| Poplar (USD/bbl)            | $ | 77.96 |  |   | $ | 67.88 |  |   | $ | 10.08 |  |   | 15 |  % |
| Palm Valley (AUD/Mcf)       | $ | 2.28 |  |   | $ | 2.25 |  |   | $ | 0.03 |  |   | 1 |  % |
| Mereenie gas (AUD/Mcf)      | $ | — |  |   | $ | 6.53 |  |   | $ | (6.53 | ) |   | (100 | )% |
| Mereenie oil (AUD/bbl)      | $ | 99.67 |  |   | $ | 85.50 |  |   | $ | 14.17 |  |   | 17 |  % |
| Consolidated (USD/boe)      | $ | 56.27 |  |   | $ | 33.02 |  |   | $ | 23.25 |  |   | 70 |  % |

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                        | June 30, |   |   |   |   |
|                        | 2011 |   | 2010 |   | Difference |   | Percent change |
|                        | (In thousands) |   |   |   |   |
| Net revenue by source:      |   |   |   |   |   |   |   |
| Poplar (USD)                | $ | 5,383 |  |   | $ | 2,594 |  |   | $ | 2,789 |  |   | 108 |  % |
| Palm Valley (USD)           | 1,778 |  |   | 2,059 |  |   | (281 | ) |   | (14 | )% |
| Mereenie (USD)              | 6,432 |  |   | 18,826 |  |   | (12,394 | ) |   | (66 | )% |
| Other (USD)                 | 4,583 |  |   | 5,046 |  |   | (463 | ) |   | (9 | )% |
| Total (USD)                 | $ | 18,176 |  |   | $ | 28,525 |  |   | $ | (10,349 | ) |   | (36 | )% |
|                        |   |   |   |   |   |   |   |
| Palm Valley (AUD)           | $ | 1,797 |  |   | $ | 2,332 |  |   | $ | (535 | ) |   | (23 | )% |
| Mereenie gas (AUD)          | $ | — |  |   | $ | 13,094 |  |   | $ | (13,094 | ) |   | (100 | )% |
| Mereenie oil (AUD)          | $ | 6,502 |  |   | $ | 8,236 |  |   | $ | (1,734 | ) |   | (21 | )% |
|                        |   |   |   |   |   |   |   |
| Net revenues by type (USD): |   |   |   |   |   |   |   |
| Oil                         | $ | 11,815 |  |   | $ | 9,887 |  |   | $ | 1,928 |  |   | 20 |  % |
| Gas                         | 1,796 |  |   | 13,616 |  |   | (11,820 | ) |   | (87 | )% |
| Other                       | 4,565 |  |   | 5,022 |  |   | (457 | ) |   | (9 | )% |
| Total                       | $ | 18,176 |  |   | $ | 28,525 |  |   | $ | (10,349 | ) |   | (36 | )% |

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|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                 | June 30, |   |   |   |   |
|                                                 | 2011 |   | 2010 |   | Difference |   | Percent change |
|                                                 | (In thousands) |   |   |   |   |
| Selected operating expenses (USD):                   |   |   |   |   |   |   |   |
| Lease operating                                      | $ | 9,247 |  |   | $ | 10,116 |  |   | $ | (869 | ) |   | (9 | )% |
| Depletion, depreciation, amortization, and accretion | $ | 2,890 |  |   | $ | 5,428 |  |   | $ | (2,538 | ) |   | (47 | )% |
| Exploration                                          | $ | 2,854 |  |   | $ | 1,273 |  |   | $ | 1,581 |  |   | 124 |  % |
| General and administrative                           | $ | 16,307 |  |   | $ | 14,023 |  |   | $ | 2,284 |  |   | 16 |  % |
|                                                 |   |   |   |   |   |   |   |
| Selected operating expenses (USD/boe):               |   |   |   |   |   |   |   |
| Lease operating                                      | $ | 38 |  |   | $ | 14 |  |   | $ | 24 |  |   | 171 |  % |
| Depletion, depreciation, amortization, and accretion | $ | 12 |  |   | $ | 8 |  |   | $ | 4 |  |   | 50 |  % |
| Exploration                                          | $ | 12 |  |   | $ | 2 |  |   | $ | 10 |  |   | 500 |  % |
| General and administrative                           | $ | 67 |  |   | $ | 20 |  |   | $ | 47 |  |   | 235 |  % |

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          | June 30, |   |   |   |   |
|                          | 2011 |   | 2010 |   | Difference |   | Percent change |
|                          | (In thousands) |   |   |   |   |
| Depreciation and amortization | $ | 441 |  |   | $ | 436 |  |   | $ | 5 |  |   | 1 |  % |
| Depletion                     | 1,885 |  |   | 4,244 |  |   | (2,359 | ) |   | (56 | )% |
| ARO accretion                 | 564 |  |   | 748 |  |   | (184 | ) |   | (25 | )% |
| Total                         | $ | 2,890 |  |   | $ | 5,428 |  |   | $ | (2,538 | ) |   | (47 | )% |

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|                                                                                              |
|----------------------------------------------------------------------------------------------|
|                                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                         | June 30, |   |   |   |   |
|                                                                                         | 2011 |   | 2010 |   | Difference |   | Percent change |
|                                                                                         | (In thousands) |   |   |   |   |
| General and administrative (excluding stock based compensation and foreign transaction loss) | $ | 13,686 |  |   | $ | 11,041 |  |   | $ | 2,645 |  |   | 24 |  % |
| Stock based compensation                                                                     | 1,670 |  |   | 2,305 |  |   | (635 | ) |   | (28 | )% |
| Foreign transaction loss                                                                     | 951 |  |   | 677 |  |   | 274 |  |   | 40 |  % |
| Total                                                                                        | $ | 16,307 |  |   | $ | 14,023 |  |   | $ | 2,284 |  |   | 16 |  % |

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|                                                                                                                                      |
|--------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                      |  |  |  |  |  |  |  |
|                                                                                                                                 | June 30, |
| ASSETS                                                                                                                               | 2012 |   | 2011 |
| CURRENT ASSETS:                                                                                                                      |   |   |   |
| Cash and cash equivalents                                                                                                            | $ | 41,215 |  |   | $ | 20,417 |  |
| Accounts receivable — trade (net of allowance for doubtful accounts of $0 and $66 as of June 30, 2012, and 2011, respectively) | 1,152 |  |   | 4,357 |  |
| Accounts receivable — working interest partners                                                                                | 231 |  |   | 454 |  |
| Deposit on Evans Shoal                                                                                                               | — |  |   | 10,745 |  |
| Inventories                                                                                                                          | 499 |  |   | 732 |  |
| Prepaid assets                                                                                                                       | 498 |  |   | 517 |  |
| Other assets                                                                                                                         | 13 |  |   | 62 |  |
| Total current assets                                                                                                                 | 43,608 |  |   | 37,284 |  |
| PROPERTY AND EQUIPMENT, NET (SUCCESSFUL EFFORTS METHOD):                                                                             |   |   |   |
| Proved oil and gas properties                                                                                                        | 33,927 |  |   | 136,094 |  |
| Less accumulated depletion, depreciation, and amortization                                                                           | (5,740 | ) |   | (115,917 | ) |
| Unproved oil and gas properties                                                                                                      | 7,091 |  |   | 3,368 |  |
| Wells in progress                                                                                                                    | 3,744 |  |   | 4,315 |  |
| Land, buildings and equipment (net of accumulated depreciation of $2,077 and $3,985 as of June 30, 2012, and 2011, respectively)     | 1,422 |  |   | 1,293 |  |
| Net property and equipment                                                                                                           | 40,444 |  |   | 29,153 |  |
| OTHER NON-CURRENT ASSETS                                                                                                             |   |   |   |
| Securities available for sale                                                                                                        | 155 |  |   | 238 |  |
| Goodwill                                                                                                                             | 2,174 |  |   | 4,695 |  |
| Deferred income taxes                                                                                                                | 5,951 |  |   | — |  |
| Other long term assets                                                                                                               | 242 |  |   | 204 |  |
| Total other non-current assets                                                                                                       | 8,522 |  |   | 5,137 |  |
| Total assets                                                                                                                         | $ | 92,574 |  |   | $ | 71,574 |  |
|                                                                                                                                 |   |   |   |
| LIABILITIES AND EQUITY                                                                                                               |   |   |   |
| CURRENT LIABILITIES:                                                                                                                 |   |   |   |
| Short term line of credit                                                                                                            | $ | 50 |  |   | $ | 1 |  |
| Current portion of note payable                                                                                                      | 480 |  |   | 552 |  |
| Current portion of asset retirement obligations                                                                                      | 329 |  |   | — |  |
| Accounts payable                                                                                                                     | 3,672 |  |   | 3,861 |  |
| Accrued and other liabilities                                                                                                        | 3,000 |  |   | 2,055 |  |
| Total current liabilities                                                                                                            | 7,531 |  |   | 6,469 |  |
| LONG TERM LIABILITIES:                                                                                                               |   |   |   |
| Note payable                                                                                                                         | 390 |  |   | 870 |  |
| Asset retirement obligations                                                                                                         | 7,455 |  |   | 11,397 |  |
| Contingent consideration payable                                                                                                     | 4,072 |  |   | — |  |
| Other long term liabilities                                                                                                          | 218 |  |   | 310 |  |
| Total long term liabilities                                                                                                          | 12,135 |  |   | 12,577 |  |

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|                                                                                                                                                           |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                           |  |  |  |  |  |  |  |
| COMMITMENTS AND CONTINGENCIES (Note 10)                                                                                                                   |  |  |   |  |  |
| Equity:                                                                                                                                                   |   |   |   |
| Common stock (par value $.01 per share): Authorized 300,000,000 shares, outstanding, 53,835,594 and 52,455,977 as of June 30, 2012 and 2011, respectively | 538 |  |   | 525 |  |
| Capital in excess of par value                                                                                                                            | 90,753 |  |   | 93,617 |  |
| Preferred stock (par value $.01 per share): Authorized 50,000,000 and 0 shares, outstanding, 0 and 0 as of June 30, 2012 and 2011, respectively           | — |  |   | — |  |
| Accumulated deficit                                                                                                                                       | (29,590 | ) |   | (56,073 | ) |
| Accumulated other comprehensive income                                                                                                                    | 11,207 |  |   | 12,470 |  |
| Total equity attributable to Magellan Petroleum Corporation                                                                                               | 72,908 |  |   | 50,539 |  |
| NON-CONTROLLING INTEREST IN SUBSIDIARIES                                                                                                                  | — |  |   | 1,989 |  |
| Total equity                                                                                                                                              | 72,908 |  |   | 52,528 |  |
| Total liabilities and equity                                                                                                                              | $ | 92,574 |  |   | $ | 71,574 |  |

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|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | For the years ended June 30, |
|                                                              | 2012 |   | 2011 |   | 2010 |
| REVENUES:                                                         |   |   |   |   |   |
| Oil production                                                    | $ | 12,405 |  |   | $ | 11,815 |  |   | $ | 9,887 |  |
| Gas production                                                    | 1,353 |  |   | 1,796 |  |   | 13,616 |  |
| Other                                                             | (46 | ) |   | 4,565 |  |   | 5,022 |  |
| Total revenues                                                    | 13,712 |  |   | 18,176 |  |   | 28,525 |  |
| OPERATING EXPENSES:                                               |   |   |   |   |   |
| Lease operating                                                   | 12,897 |  |   | 9,247 |  |   | 10,116 |  |
| Depletion, depreciation, amortization, and accretion              | 1,744 |  |   | 2,890 |  |   | 5,428 |  |
| Exploration                                                       | 6,291 |  |   | 2,854 |  |   | 1,273 |  |
| General and administrative                                        | 13,091 |  |   | 16,307 |  |   | 14,023 |  |
| Impairment                                                        | 328 |  |   | 173 |  |   | 2,050 |  |
| Loss on Evans Shoal                                               | — |  |   | 15,893 |  |   | — |  |
| Gain on sale of assets                                            | (40,413 | ) |   | (969 | ) |   | (6,817 | ) |
| Total operating (income) expense                                  | (6,062 | ) |   | 46,395 |  |   | 26,073 |  |
| Income (loss) from operations                                     | 19,774 |  |   | (28,219 | ) |   | 2,452 |  |
| Other income (expense)                                            |   |   |   |   |   |
| Warrant expense                                                   | — |  |   | — |  |   | (4,276 | ) |
| Net interest income                                               | 749 |  |   | 923 |  |   | 1,038 |  |
| Other income                                                      | 9 |  |   | — |  |   | 1,975 |  |
| Total other income (expense)                                      | 758 |  |   | 923 |  |   | (1,263 | ) |
| Income (loss) before income tax                                   | 20,532 |  |   | (27,296 | ) |   | 1,189 |  |
| Income tax benefit (provision)                                    | 5,951 |  |   | (5,141 | ) |   | (2,646 | ) |
| Net income (loss) after income tax                                | 26,483 |  |   | (32,437 | ) |   | (1,457 | ) |
| Net loss attributable to non-controlling interest in subsidiaries | 15 |  |   | 5 |  |   | 11 |  |
| Net income (loss) attributable to Magellan Petroleum Corporation  | $ | 26,498 |  |   | $ | (32,432 | ) |   | $ | (1,446 | ) |
|                                                              |   |   |   |   |   |
| Earnings per common share (Note 8)                                |   |   |   |   |   |
| Weighted average number of basic shares outstanding               | 53,592,958 |  |   | 52,398,936 |  |   | 51,410,596 |  |
| Weighted average number of diluted shares outstanding             | 54,041,227 |  |   | 52,398,936 |  |   | 51,410,596 |  |
|                                                              |   |   |   |   |   |
| Net income (loss) per basic share outstanding                     | $ | 0.49 |  |   | $ | (0.62 | ) |   | $ | (0.03 | ) |
| Net income (loss) per diluted share outstanding                   | $ | 0.49 |  |   | $ | (0.62 | ) |   | $ | (0.03 | ) |

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|                                                                                               |
|-----------------------------------------------------------------------------------------------|
|                                                                                               |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                          | For the years ended June 30, |
|                                                                                          | 2012 |   | 2011 |   | 2010 |
|                                                                                          |   |   |   |   |   |
| Net income (loss) attributable to Magellan Petroleum Corporation                              | $ | 26,498 |  |   | $ | (32,432 | ) |   | $ | (1,446 | ) |
| Foreign currency translation adjustments                                                      | (1,180 | ) |   | 9,308 |  |   | 1,358 |  |
| Unrealized holding (losses) gains on securities available for sale, net of deferred tax of $0 | (83 | ) |   | 46 |  |   | (222 | ) |
| Total comprehensive income (loss)                                                             | 25,235 |  |   | (23,078 | ) |   | (310 | ) |
| Net loss attributable to non-controlling interest in subsidiary                               | (15 | ) |   | (5 | ) |   | (11 | ) |
| Comprehensive income (loss) attributable to Magellan Petroleum Corporation                    | $ | 25,220 |  |   | $ | (23,083 | ) |   | $ | (321 | ) |

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|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                   | Common Stock |   | Capital in Excess of Par Value |   | Accumulated Deficit |   | Accumulated Other Comprehensive Income |   | Non-Controlling Interest |   | Total Stockholders' Equity |
|                                                                   | Shares |   | Amount |   |   |   |   |   |
| Balance June 30, 2009                                                  | 41,500,325 |  |   | $ | 416 |  |   | $ | 73,311 |  |   | $ | (22,195 | ) |   | $ | 1,980 |  |   | $ | — |  |   | $ | 53,512 |  |
| Net loss                                                               | — |  |   | — |  |   | — |  |   | (1,446 | ) |   | — |  |   | (11 | ) |   | (1,457 | ) |
| Foreign currency translation adjustments                               | — |  |   | — |  |   | — |  |   | — |  |   | 1,358 |  |   | — |  |   | 1,358 |  |
| Unrealized holding loss on securities available for sale, net of taxes | — |  |   | — |  |   | — |  |   | — |  |   | (222 | ) |   | — |  |   | (222 | ) |
| Stock and stock based compensation                                     | 440,000 |  |   | 4 |  |   | 2,301 |  |   | — |  |   | — |  |   | — |  |   | 2,305 |  |
| Equity investment by YEP                                               | 8,695,652 |  |   | 87 |  |   | 7,528 |  |   | — |  |   | — |  |   | — |  |   | 7,615 |  |
| Warrants issued                                                        | — |  |   | — |  |   | 6,402 |  |   | — |  |   | — |  |   | — |  |   | 6,402 |  |
| Acquisition of controlling interest                                    | 1,700,000 |  |   | 17 |  |   | 2,363 |  |   | — |  |   | — |  |   | 1,925 |  |   | 4,305 |  |
| Balance June 30, 2010                                                  | 52,335,977 |  |   | 524 |  |   | 91,905 |  |   | (23,641 | ) |   | 3,116 |  |   | 1,914 |  |   | 73,818 |  |
| Net loss                                                               | — |  |   | — |  |   | — |  |   | (32,432 | ) |   | — |  |   | (5 | ) |   | (32,437 | ) |
| Foreign currency translation adjustments                               | — |  |   | — |  |   | — |  |   | — |  |   | 9,308 |  |   | — |  |   | 9,308 |  |
| Unrealized holding gain on securities available for sale, net of taxes | — |  |   | — |  |   | — |  |   | — |  |   | 46 |  |   | — |  |   | 46 |  |
| Stock and stock based compensation                                     | 90,000 |  |   | 1 |  |   | 1,669 |  |   | — |  |   | — |  |   | — |  |   | 1,670 |  |
| Stock options exercised                                                | 30,000 |  |   | — |  |   | 43 |  |   | — |  |   | — |  |   | — |  |   | 43 |  |
| Capital contribution                                                   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 80 |  |   | 80 |  |
| Balance June 30, 2011                                                  | 52,455,977 |  |   | 525 |  |   | 93,617 |  |   | (56,073 | ) |   | 12,470 |  |   | 1,989 |  |   | 52,528 |  |
| Net income                                                             | — |  |   | — |  |   | — |  |   | 26,498 |  |   | — |  |   | (15 | ) |   | 26,483 |  |
| Foreign currency translation adjustments                               | — |  |   | — |  |   | — |  |   | — |  |   | (1,180 | ) |   | — |  |   | (1,180 | ) |
| Unrealized holding loss on securities available for sale, net of taxes | — |  |   | — |  |   | — |  |   | — |  |   | (83 | ) |   | — |  |   | (83 | ) |
| Stock and stock based compensation                                     | 175,000 |  |   | 2 |  |   | 1,558 |  |   | — |  |   | — |  |   | — |  |   | 1,560 |  |
| Stock options exercised                                                | 21,875 |  |   | — |  |   | 35 |  |   | — |  |   | — |  |   | — |  |   | 35 |  |
| Acquisition of non-controlling interest                                | 927,352 |  |   | 9 |  |   | (4,844 | ) |   | (15 | ) |   | — |  |   | (1,974 | ) |   | (6,824 | ) |
| Acquisition of working interest                                        | 255,390 |  |   | 2 |  |   | 387 |  |   | — |  |   | — |  |   | — |  |   | 389 |  |
| Balance June 30, 2012                                                  | 53,835,594 |  |   | $ | 538 |  |   | $ | 90,753 |  |   | $ | (29,590 | ) |   | $ | 11,207 |  |   | $ | — |  |   | $ | 72,908 |  |

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|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |  |  |  |  |
|                                                                        | For the years ended June 30, |
|                                                                        | 2012 |   | 2011 |   | 2010 |
| OPERATING ACTIVITIES:                                                       |   |   |   |   |   |
| Net income (loss) after income tax                                          | $ | 26,483 |  |   | $ | (32,437 | ) |   | $ | (1,457 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities  |   |   |   |   |   |
| Foreign transaction (gain) loss                                             | (1,038 | ) |   | 499 |  |   | 732 |  |
| Write off of the Evans Shoal deposit                                        | — |  |   | 15,893 |  |   | — |  |
| Depletion, depreciation, and amortization                                   | 1,744 |  |   | 2,890 |  |   | 5,428 |  |
| Interest earned on restricted deposits                                      | (24 | ) |   | (150 | ) |   | — |  |
| Fair value increase of contingent consideration payable                     | (79 | ) |   | — |  |   | — |  |
| Deferred income taxes                                                       | (5,951 | ) |   | 5,355 |  |   | 922 |  |
| Gain on disposal of assets                                                  | (40,413 | ) |   | (969 | ) |   | (6,817 | ) |
| Gain on sale of investments                                                 | — |  |   | — |  |   | (1,975 | ) |
| Exploration costs previously capitalized                                    | 2,930 |  |   | (124 | ) |   | — |  |
| Stock based compensation                                                    | 1,560 |  |   | 1,670 |  |   | 6,582 |  |
| Related party withholding tax (Note 11)                                     | 1,082 |  |   | — |  |   | — |  |
| Impairment loss                                                             | 328 |  |   | 239 |  |   | 2,050 |  |
| Net changes in operating assets and liabilities:                            |   |   |   |   |   |
| Accounts receivable                                                         | 3,021 |  |   | 625 |  |   | 2,733 |  |
| Inventories                                                                 | 142 |  |   | 143 |  |   | 647 |  |
| Prepayments and other current assets                                        | (36 | ) |   | 213 |  |   | (106 | ) |
| Accounts payable and accrued liabilities                                    | (138 | ) |   | 613 |  |   | (1,689 | ) |
| Other long term liabilities                                                 | (113 | ) |   | — |  |   | — |  |
| Income taxes payable                                                        | 61 |  |   | 1,045 |  |   | (3,098 | ) |
| Net cash (used in) provided by operating activities                         | (10,441 | ) |   | (4,495 | ) |   | 3,952 |  |
| INVESTING ACTIVITIES:                                                       |   |   |   |   |   |
| Additions to property and equipment                                         | (9,577 | ) |   | (4,568 | ) |   | (2,843 | ) |
| Proceeds from sale of assets                                                | 35,089 |  |   | 1,481 |  |   | 7,280 |  |
| Purchase of working interest in Poplar                                      | (823 | ) |   | (380 | ) |   | (4,090 | ) |
| Cash acquired from controlling interest purchase - Nautilus Poplar LLC      | — |  |   | — |  |   | 315 |  |
| Increase in restricted cash                                                 | — |  |   | — |  |   | (75 | ) |
| Refund (Payment) of Deposit for Purchase of Evans shoal (includes interest) | 10,940 |  |   | (10,014 | ) |   | (13,752 | ) |
| Proceeds from sale of securities                                            | — |  |   | — |  |   | 465 |  |
| Securities matured or sold                                                  | 5,687 |  |   | 7,000 |  |   | 16,809 |  |
| Securities purchased                                                        | (5,687 | ) |   | (7,000 | ) |   | (13,456 | ) |
| Net cash provided by (used in) investing activities                         | 35,629 |  |   | (13,481 | ) |   | (9,347 | ) |
| FINANCING ACTIVITIES:                                                       |   |   |   |   |   |
| Proceeds from issuance of stock                                             | 35 |  |   | 43 |  |   | 10,000 |  |
| Short term debt issuances                                                   | 6,075 |  |   | 5,027 |  |   | 570 |  |
| Short term debt repayments                                                  | (6,025 | ) |   | (4,589 | ) |   | (845 | ) |
| Purchase of non-controlling interest - Nautilus Poplar LLC                  | (3,461 | ) |   | — |  |   | (7,309 | ) |
| Non-controlling capital contribution - Nautilus Poplar LLC                  | — |  |   | 80 |  |   | — |  |
| Long term debt repayments                                                   | (552 | ) |   | — |  |   | — |  |
| Net cash (used in) provided by financing activities                         | (3,928 | ) |   | 561 |  |   | 2,416 |  |
|                                                                        |   |   |   |   |   |
|                                                                        |   |   |   |   |   |
|                                                                        |   |   |   |   |   |

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|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |  |  |  |  |
| Effect of exchange rate changes on cash and cash equivalents                | (462 | ) |   | 4,240 |  |   | 1,882 |  |
| Net increase (decrease) in cash and cash equivalents                        | 20,798 |  |   | (13,175 | ) |   | (1,097 | ) |
| Cash and cash equivalents at beginning of period                            | 20,417 |  |   | 33,592 |  |   | 34,689 |  |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD                                  | $ | 41,215 |  |   | $ | 20,417 |  |   | $ | 33,592 |  |
|                                                                        |   |   |   |   |   |
| Cash payments (receipts):                                                   |   |   |   |   |   |
| Income taxes                                                                | — |  |   | (1,259 | ) |   | 4,822 |  |
| Interest paid, net of amount capitalized                                    | 109 |  |   | 141 |  |   | 62 |  |
| Supplemental schedule of non-cash investing and financing activities:       |   |   |   |   |   |
| Unrealized holding gain (loss)                                              | (83 | ) |   | 46 |  |   | — |  |
| Revision to estimate of asset retirement obligation                         | (603 | ) |   | (129 | ) |   | (2,232 | ) |
| Accounts payable related to property, plant, and equipment                  | 155 |  |   | 8 |  |   | 48 |  |
| Purchase of non-controlling interest for stock and contingent consideration | 4,729 |  |   | — |  |   | — |  |
| Purchase of 3% working interest for stock and contingent consideration      | 1,243 |  |   | — |  |   | — |  |

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|                                         |
|-----------------------------------------|
|                                         |  |  |  |
|                                    | June 30, 2012 |
|                                    | (In thousands) |
| Fiscal year ended June 30, 2011         | $ | 4,695 |  |
| Sale of Mereenie interests (see Note 2) | 2,521 |  |
| Fiscal year ended June 30, 2012         | $ | 2,174 |  |

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|         |                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Magellan NT's 35% interest in each of the Mereenie Operating Joint Venture and the Mereenie Pipeline Joint Venture (collectively, the "Mereenie Interests") to Santos QNT; |

|         |                                                                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Santos Entities' combined interests of 48% in the Palm Valley Joint Venture ("Palm Valley Interests") and combined interests of 66% in the Dingo Joint Venture ("Dingo Interests") to Magellan NT. |

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|                                                                  |
|------------------------------------------------------------------|
|                                                                  |  |  |  |
|                                                             | Total |
|                                                             | (In thousands) |
| Consideration received                                           |   |
| Net purchase price per Santos SA                                 | $ | 25,493 |  |
| Purchase price adjustments                                       | 1,138 |  |
| Total                                                            | $ | 26,631 |  |
|                                                             |   |
| Allocation of the consideration received to fair value of assets |   |
| Proved oil and gas properties (Palm Valley)                      | $ | 3,403 |  |
| Unproved oil and gas properties (Dingo)                          | 2,957 |  |
| Land, buildings, and equipment (Palm Valley)                     | 370 |  |
| Total allocation of the fair value received                      | 6,730 |  |
| Mereenie liabilities given up, net                               | 2,805 |  |
| Gain on sale of assets                                           | (36,166 | ) |
| Total                                                            | $ | (26,631 | ) |

|                                                                  |
|------------------------------------------------------------------|
|                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                             | Magellan as Reported |   | Pro Forma |
|                                                             |   | Acquisition (a) |   | Disposition (b) |   | Combined |
|                                                             | (In thousands, except per share amounts) |
| June 30, 2012                                               |   |   |   |   |   |   |   |
| Sales                                                            | $ | 13,712 |  |   | $ | 1,025 |  |   | $ | (5,891 | ) |   | $ | 8,846 |  |
| Net income (loss) attributable to Magellan Petroleum Corporation | $ | 26,498 |  |   | $ | (223 | ) |   | $ | 835 |  |   | $ | 27,110 |  |
| Net income per basic share outstanding                           | $ | 0.49 |  |   |   |   |   |   | $ | 0.51 |  |
| Net income per diluted share outstanding                         | $ | 0.49 |  |   |   |   |   |   | $ | 0.50 |  |
|                                                             |   |   |   |   |   |   |   |
| June 30, 2011                                               |   |   |   |   |   |   |   |
| Sales                                                            | $ | 18,176 |  |   | $ | 4,492 |  |   | $ | (8,813 | ) |   | $ | 13,855 |  |
| Net (loss) income attributable to Magellan Petroleum Corporation | $ | (32,432 | ) |   | $ | 2,471 |  |   | $ | (1,144 | ) |   | $ | (31,105 | ) |
| Net (loss) per basic share outstanding                           | $ | (0.62 | ) |   |   |   |   |   | $ | (0.59 | ) |
| Net (loss) per diluted share outstanding                         | $ | (0.62 | ) |   |   |   |   |   | $ | (0.59 | ) |

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|                                            |
|--------------------------------------------|
|                                            |  |  |  |
|                                       | Total |
|                                       | (In thousands) |
| Cash consideration received                | $ | 5,000 |  |
| Net book value allocated to Deep Intervals | (829 | ) |
| Transaction costs                          | (162 | ) |
| Gain on sale recognized                    | $ | 4,009 |  |

|                                                                                                     |
|-----------------------------------------------------------------------------------------------------|
|                                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                | NT non-controlling interest in NP |   | NT working interest in Poplar |   | ER non-controlling interest in NP |   | Total |
|                                                                                                | (In thousands) |
| Consideration paid to Sellers (1):                                                                  |   |   |   |   |   |   |   |
| Cash consideration                                                                                  | $ | 1,920 |  |   | $ | 823 |  |   | $ | 1,257 |  |   | $ | 4,000 |  |
| Share consideration (2)                                                                             | 907 |  |   | 389 |  |   | 526 |  |   | 1,822 |  |
| Fair value of contingent consideration payable                                                      | 1,993 |  |   | 854 |  |   | 1,304 |  |   | 4,151 |  |
| Total                                                                                               | $ | 4,820 |  |   | $ | 2,066 |  |   | $ | 3,087 |  |   | $ | 9,973 |  |
|                                                                                                |   |   |   |   |   |   |   |
|                                                                                                |   |   |   |   |   |   | Total |
|                                                                                                |   |   |   |   |   |   | (In thousands) |
| Recognized amount of identifiable assets acquired and liabilities assumed for Business combination: |   |   |   |   |   |   |   |
| Oil and gas assets (proved)                                                                         |   |   |   |   |   |   | $ | 1,462 |  |
| Oil and gas assets - Deep Intervals (unproved)                                                      |   |   |   |   |   |   | 679 |  |
| ARO liability                                                                                       |   |   |   |   |   |   | (75 | ) |
| Total                                                                                               |   |   |   |   |   |   | $ | 2,066 |  |

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|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |  |
|                                      | June 30, |
|                                      | 2012 |   | 2011 |
|                                      | (In thousands) |
| Note payable                              | $ | 870 |  |   | $ | 1,422 |  |
| Less current portion of note payable      | (480 | ) |   | (552 | ) |
| Long term debt, excluding current portion | $ | 390 |  |   | $ | 870 |  |

|           |
|-----------|
|           |  |  |  |
|      | June 30, 2012 |
|      | (In thousands) |
| One year  | $ | 480 |  |
| Two years | 390 |  |
| Total     | $ | 870 |  |

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|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | June 30, |
|                                     | 2012 |   | 2011 |
|                                     | (In thousands) |
| Balance at beginning of year             | $ | 11,397 |  |   | $ | 9,292 |  |
| Liabilities assumed                      | 3,035 |  |   | — |  |
| Liabilities incurred                     | 398 |  |   | 50 |  |
| Accretion expense                        | 568 |  |   | 564 |  |
| Sale of assets                           | (6,773 | ) |   | — |  |
| Revision to estimate                     | (603 | ) |   | (129 | ) |
| Effect of exchange rate changes          | (238 | ) |   | 1,620 |  |
| Balance at end of year                   | 7,784 |  |   | 11,397 |  |
| Less current asset retirement obligation | 329 |  |   | — |  |
| Long term asset retirement obligation    | $ | 7,455 |  |   | $ | 11,397 |  |

|         |                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 1: Quoted prices in active markets for identical assets – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |

|         |                                                                                                                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2: Significant other observable inputs – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |

|         |                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 3: Significant unobservable inputs – inputs to the valuation methodology are unobservable and significant to the fair value measurement. |

----

Table of Contents

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                             | June 30, 2012 |
|                             | Level 1 |   | Level 2 |   | Level 3 |   | Total |
|                             | (In thousands) |
| Assets                           |   |   |   |   |   |   |   |
| Cash and cash equivalents        | $ | 41,215 |  |   | $ | — |  |   | $ | — |  |   | $ | 41,215 |  |
| Securities available for sale    | 155 |  |   | — |  |   | — |  |   | 155 |  |
|                             | $ | 41,370 |  |   | $ | — |  |   | $ | — |  |   | $ | 41,370 |  |
| Liabilities                      |   |   |   |   |   |   |   |
| Contingent consideration payable | $ | — |  |   | $ | — |  |   | $ | 4,072 |  |   | $ | 4,072 |  |
|                             |   |   |   |   |   |   |   |
|                             | June 30, 2011 |
|                             | Level 1 |   | Level 2 |   | Level 3 |   | Total |
|                             | (In thousands) |
| Assets                           |   |   |   |   |   |   |   |
| Cash and cash equivalents        | $ | 20,417 |  |   | $ | — |  |   | $ | — |  |   | $ | 20,417 |  |
| Securities available for sale    | 238 |  |   | — |  |   | — |  |   | 238 |  |
|                             | $ | 20,655 |  |   | $ | — |  |   | $ | — |  |   | $ | 20,655 |  |

|                                           |
|-------------------------------------------|
|                                           |  |  |  |
|                                      | June 30, 2012 |
|                                      | (In thousands) |
| Balance at beginning of year              | $ | — |  |
| Contingent consideration payable addition | 4,072 |  |
| Balance at end of year                    | $ | 4,072 |  |

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |  |  |  |  |
|                               | June 30, |
|                               | 2012 |   | 2011 |   | 2010 |
|                               | (In thousands) |
| Domestic                           | $ | (6,646 | ) |   | $ | (6,780 | ) |   | $ | (8,456 | ) |
| Foreign                            | 27,178 |  |   | (20,516 | ) |   | 9,645 |  |
| Net income (loss) after income tax | $ | 20,532 |  |   | $ | (27,296 | ) |   | $ | 1,189 |  |

----

Table of Contents

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |  |  |  |  |
|                                                            | June 30, |
|                                                            | 2012 |   | 2011 |   | 2010 |
|                                                            | (In thousands) |
| Tax provision computed per federal statutory rate               | $ | 6,160 |  |   | $ | (8,088 | ) |   | $ | 356 |  |
| State taxes, net of federal benefit                             | 190 |  |   | (201 | ) |   | 244 |  |
| Foreign rate differential                                       | 76 |  |   | (271 | ) |   | (338 | ) |
| Non taxable Australian revenue                                  | (8 | ) |   | (822 | ) |   | (953 | ) |
| Non deductible warrant and stock related compensation           | — |  |   | — |  |   | 2,203 |  |
| Goodwill write off                                              | 756 |  |   | — |  |   | — |  |
| Decreases related to lapse of applicable statute of limitations | 1,571 |  |   | — |  |   | — |  |
| Change in valuation allowance                                   | 9,352 |  |   | 17,135 |  |   | (346 | ) |
| Australian petroleum resource rent tax                          | (5,951 | ) |   | — |  |   | — |  |
| Australian petroleum resource rent tax - income tax effect      | 1,785 |  |   | — |  |   | — |  |
| Magellan capitalized facilitation costs                         | — |  |   | 106 |  |   | 201 |  |
| Taxable dividends from subsidiaries, net of foreign tax credits | (1,152 | ) |   | 932 |  |   | 1,690 |  |
| Foreign tax credit adjustment                                   | 649 |  |   | (3,411 | ) |   | — |  |
| Capital loss adjustment                                         | (3,006 | ) |   | — |  |   | — |  |
| Additional basis related to the Santos SA                       | (18,118 | ) |   | — |  |   | — |  |
| Impact of rate change                                           | 457 |  |   | — |  |   | — |  |
| Foreign currency translation differential                       | 1,375 |  |   | — |  |   | — |  |
| Other                                                           | (87 | ) |   | (239 | ) |   | (411 | ) |
| Consolidated income tax (benefit) provision                     | $ | (5,951 | ) |   | $ | 5,141 |  |   | $ | 2,646 |  |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |
|                                           | June 30, |
|                                           | 2012 |   | 2011 |   | 2010 |
|                                           | (In thousands) |
| Current income tax                             |   |   |   |   |   |
| United States                                  |   |   |   |   |   |
| Federal tax                                    | $ | — |  |   | $ | — |  |   | $ | — |  |
| State tax (benefit) provision                  | — |  |   | (127 | ) |   | 375 |  |
| Foreign tax (benefit) provision                | — |  |   | (87 | ) |   | 1,349 |  |
| Total current income tax (benefit) provision   | — |  |   | (214 | ) |   | 1,724 |  |
|                                           |   |   |   |   |   |
| Deferred income tax                            |   |   |   |   |   |
| United States deferred tax (benefit) provision | — |  |   | (195 | ) |   | 195 |  |
| Foreign tax provision (benefit)                | (5,951 | ) |   | 5,550 |  |   | 727 |  |
| Total deferred income tax (benefit) provision  | (5,951 | ) |   | 5,355 |  |   | 922 |  |
| Consolidated income tax (benefit) provision    | $ | (5,951 | ) |   | $ | 5,141 |  |   | $ | 2,646 |  |
|                                           |   |   |   |   |   |
| Effective tax rate                             | (29 | )% |   | (19 | )% |   | 223 | % |

----

Table of Contents

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |
|                                                                        | June 30, |
|                                                                        | 2012 |   | 2011 |
|                                                                        | (In thousands) |
| Deferred tax liabilities                                                    |   |   |   |
| Land, buildings and equipment                                               | $ | (2,767 | ) |   | $ | — |  |
| Stepped up basis of oil and gas properties                                  | (550 | ) |   | (690 | ) |
| Australian petroleum resource rent tax - income tax effect                  | (1,785 | ) |   | — |  |
| Other                                                                       | (261 | ) |   | (901 | ) |
| Total deferred tax liabilities                                              | (5,363 | ) |   | (1,591 | ) |
|                                                                        |   |   |   |
| Deferred tax assets                                                         |   |   |   |
| Acquisition and development costs                                           | — |  |   | 3,234 |  |
| Asset retirement obligations                                                | 2,210 |  |   | 2,993 |  |
| Net operating losses, capital losses, and foreign tax credit carry forwards | 28,139 |  |   | 12,188 |  |
| Australian petroleum resource rent tax                                      | 5,951 |  |   | — |  |
| United Kingdom exploration costs and net operating losses                   | 3,224 |  |   | 2,358 |  |
| Stock option compensation                                                   | 1,851 |  |   | 1,673 |  |
| Interest                                                                    | 539 |  |   | 539 |  |
| Australian capitalized legal costs                                          | 514 |  |   | 426 |  |
| Other                                                                       | 579 |  |   | 521 |  |
| Total deferred tax asset                                                    | 43,007 |  |   | 23,932 |  |
| Valuation allowance                                                         | (31,693 | ) |   | (22,341 | ) |
| Net long term deferred tax asset                                            | $ | 5,951 |  |   | $ | — |  |

----

Table of Contents

|              |
|--------------|
|              |  |  |
| Jurisdiction |   | Tax Years Subject to Exam: |
| U.S. Federal |   | 2011 |
| Montana      |   | 2010 - 2011 |
| Australia    |   | 2008 - 2011 |

|         |
|---------|
|         |  |  |  |  |  |  |  |  |  |  |  |
|    | Net Operating Losses |   | Federal Foreign Tax Credit |
|    | Paroo USA Federal |   | State |   |
|    | (In thousands) |
| Expires |   |   |   |   |   |
| 2013    | $ | 230 |  |   | $ | — |  |   | $ | — |  |
| 2017    | — |  |   | — |  |   | 310 |  |
| 2018    | — |  |   | 1,271 |  |   | — |  |
| 2019    | 96 |  |   | — |  |   | 1,411 |  |
| 2020    | — |  |   | — |  |   | 144 |  |
| 2021    | 25 |  |   | — |  |   | 886 |  |
| 2022    | 74 |  |   | — |  |   | 4,494 |  |
| 2023    | 3 |  |   | — |  |   | — |  |
| 2024    | 2 |  |   | — |  |   | — |  |
| 2025    | 1 |  |   | — |  |   | — |  |
| Total   | $ | 431 |  |   | $ | 1,271 |  |   | $ | 7,245 |  |

----

Table of Contents

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                        | June 30, |
|                                        | 2012 |   | 2011 |   | 2010 |
|                                        | Number ofShares |   | WAEPS (1) |   | Number ofShares |   | WAEPS (1) |   | Number ofShares |   | WAEPS (1) |
| Balance at beginning of year                | 5,200,000 |  |   | $1.49 |   | 3,880,000 |  |   | $1.26 |   | 3,242,500 |  |   | $1.25 |
| Granted                                     | 1,675,000 |  |   | $1.10 |   | 1,750,000 |  |   | $2.08 |   | 637,500 |  |   | $1.33 |
| Exercised                                   | (21,875 | ) |   | $1.60 |   | (30,000 | ) |   | $1.45 |   | — |  |   | $0.00 |
| Forfeited                                   | (100,000 | ) |   | $1.72 |   | (400,000 | ) |   | $1.84 |   | — |  |   | $0.00 |
| Options outstanding at year end             | 6,753,125 |  |   | $1.44 |   | 5,200,000 |  |   | $1.49 |   | 3,880,000 |  |   | $1.26 |
|                                        |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average remaining contractual term |   |   | 6.8 years |   |   |   | 7.6 years |   |   |   | 8.1 years |

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |  |
|                      |   |   |   | Options outstanding and exercisable |
| Range of exerciseprices   |   | Numberofshares |   | Weighted average remaining contractual life |   | Weighted average exercise price |
| $1.01                     | - | $1.16 |   | 549,999 |  |   | 8.7 years |   | $1.12 |
| $1.20                     | - | $1.20 |   | 3,100,000 |  |   | 6.5 years |   | $1.20 |
| $1.40                     | - | $1.60 |   | 528,125 |  |   | 4.5 years |   | $1.54 |
| $1.72                     | - | $2.41 |   | 683,330 |  |   | 7.9 years |   | $2.18 |
|                      |   |   |   | 4,861,454 |  |   |   |   |   |
|                      |   |   |   |   |   |   |   |   |
| Aggregate intrinsic value | $ | (1,851,313 | ) |   |   |   |   |

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Table of Contents

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                             | June 30, |
|                                             | 2012 |   | 2011 |   | 2010 |
| Number of options                                | 1,675,000 |   | 1,750,000 |   | 637,500 |
| Weighted-average grant date fair value per share | $0.66 |   | $1.10 |   | $0.85 |
| Expected dividend                                | $0.00 |   | $0.00 |   | $0.00 |
| Risk free interest rate                          | 1.0 | % | - | 1.3 | % |   | 1.6 | % | - | 2.4 | % |   | 2.4 | % | - | 2.6 | % |
| Expected life                                    | 5.3 |  | - | 6.0 |  years |   | 5.0 |  | - | 6.0 |  years |   | 5.8 |  | - | 5.8 |  years |
| Expected volatility (based on historical price)  | 61.2 | % | - | 62.8 | % |   | 55.2 | % | - | 61.5 | % |   | 6.2 | % | - | 62.5 | % |

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |  |  |  |  |
|                                                                 | June 30, |
|                                                                 | 2012 |   | 2011 |   | 2010 |
|                                                                 | (In thousands, except share and per share amounts) |
| Net income (loss) attributable to Magellan Petroleum Corporation     | $ | 26,498 |  |   | $ | (32,432 | ) |   | $ | (1,446 | ) |
|                                                                 |   |   |   |   |   |
| Basic weighted-average shares outstanding                            | 53,592,958 |  |   | 52,398,936 |  |   | 51,410,596 |  |
| Add: dilutive effects of stock options and unvested stock grants (1) | 448,269 |  |   | — |  |   | — |  |
| Diluted weighted-average common shares outstanding                   | $ | 54,041,227 |  |   | $ | 52,398,936 |  |   | $ | 51,410,596 |  |
|                                                                 |   |   |   |   |   |
| Basic net loss per common share                                      | $ | 0.49 |  |   | $ | (0.62 | ) |   | $ | (0.03 | ) |
| Diluted net loss per common share                                    | $ | 0.49 |  |   | $ | (0.62 | ) |   | $ | (0.03 | ) |

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |
|                                  | June 30, |
|                                  | 2012 |   | 2011 |   | 2010 |
| Stock options                         | 100,000 |  |   | — |  |   | — |  |
| Non-vested restricted stock           | — |  |   | 104,167 |  |   | 208,334 |  |
| Total potentially dilutive securities | 100,000 |  |   | 104,167 |  |  | 208,334 |  |

----

Table of Contents

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
|                                            | June 30, |
|                                            | 2012 |   | 2011 |   | 2010 |
|                                            | (In thousands) |
| Revenues                                        |   |   |   |   |   |
| NP                                              | $ | 6,173 |  |   | $ | 3,804 |  |   | $ | 2,291 |  |
| MPAL                                            | 7,533 |  |   | 12,775 |  |   | 25,908 |  |
| Corporate                                       | 646 |  |   | 2,722 |  |   | 2,826 |  |
| Inter-segment eliminations                      | (640 | ) |   | (1,125 | ) |   | (2,500 | ) |
| Consolidated revenues                           | $ | 13,712 |  |   | $ | 18,176 |  |   | $ | 28,525 |  |
|                                            |   |   |   |   |   |
| Net income (loss)                               |   |   |   |   |   |
| NP                                              | $ | 2,154 |  |   | $ | (23 | ) |   | $ | (55 | ) |
| MPAL                                            | 24,192 |  |   | (25,968 | ) |   | 7,569 |  |
| Corporate                                       | (5,416 | ) |   | (6,429 | ) |   | (263 | ) |
| Inter-segment eliminations                      | 5,568 |  |   | (12 | ) |   | (8,697 | ) |
| Consolidated net (loss) income                  | $ | 26,498 |  |   | $ | (32,432 | ) |   | $ | (1,446 | ) |
|                                            |   |   |   |   |   |
| Assets                                          |   |   |   |   |   |
| NP                                              | $ | 10,833 |  |   | $ | 16,985 |  |   | $ | 5,427 |  |
| MPAL                                            | 67,748 |  |   | 49,291 |  |   | 63,131 |  |
| Corporate                                       | 59,099 |  |   | 83,323 |  |   | 90,345 |  |
| Inter-segment eliminations                      | (45,106 | ) |   | (78,025 | ) |   | (68,197 | ) |
| Consolidated assets                             | $ | 92,574 |  |   | $ | 71,574 |  |   | $ | 90,706 |  |
|                                            |   |   |   |   |   |
| Expenditures for additions to long lived assets |   |   |   |   |   |
| NP                                              | $ | (4,857 | ) |   | $ | (2,095 | ) |   | $ | (328 | ) |
| MPAL                                            | (4,575 | ) |   | (1,679 | ) |   | (2,209 | ) |
| Corporate                                       | (145 | ) |   | (794 | ) |   | (306 | ) |
| Consolidated expenditures for long lived assets | $ | (9,577 | ) |   | $ | (4,568 | ) |   | $ | (2,843 | ) |

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | June 30, |
|                                                              | 2012 |   | 2011 |   | 2010 |
|                                                              | (In thousands) |
| Depletion, depreciation, amortization, and accretion              |   |   |   |   |   |
| NP                                                                | $ | 819 |  |   | $ | 919 |  |   | $ | 448 |  |
| MPAL                                                              | 695 |  |   | 1,653 |  |   | 4,834 |  |
| Corporate                                                         | 230 |  |   | 318 |  |   | 146 |  |
| Consolidated depletion, depreciation, amortization, and accretion | $ | 1,744 |  |   | $ | 2,890 |  |   | $ | 5,428 |  |
|                                                              |   |   |   |   |   |
| Lease operating                                                   |   |   |   |   |   |
| NP                                                                | $ | 5,232 |  |   | $ | 2,227 |  |   | $ | 1,373 |  |
| MPAL                                                              | 7,665 |  |   | 6,270 |  |   | 8,585 |  |
| Corporate                                                         | — |  |   | 750 |  |   | 158 |  |
| Consolidated lease operating                                      | $ | 12,897 |  |   | $ | 9,247 |  |   | $ | 10,116 |  |

----

Table of Contents

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |  |  |  |  |  |
|                                      | June 30, |
|                                      | 2012 |   | 2011 |   | 2010 |
|                                      | (In thousands) |
| Exploration                               |   |   |   |   |   |
| NP                                        | $ | 1,495 |  |   | $ | 151 |  |   | $ | — |  |
| MPAL                                      | 4,796 |  |   | 2,378 |  |   | 1,273 |  |
| Corporate                                 | — |  |   | 325 |  |   | — |  |
| Consolidated exploration                  | $ | 6,291 |  |   | $ | 2,854 |  |   | $ | 1,273 |  |
|                                      |   |   |   |   |   |
| Income tax benefit (expense)              |   |   |   |   |   |
| MPAL                                      | $ | 5,951 |  |   | $ | (5,463 | ) |   | $ | (2,076 | ) |
| Corporate                                 | — |  |   | 322 |  |   | (570 | ) |
| Consolidated income tax benefit (expense) | $ | 5,951 |  |   | $ | (5,141 | ) |   | $ | (2,646 | ) |

|                     |
|---------------------|
|                     |  |  |  |
|                | June 30, 2012 |
|                | (In thousands) |
| Amounts payable in: |   |
| 2013                | $ | 97 |  |
| 2014                | 162 |  |
| 2015                | 262 |  |
| 2016                | 268 |  |
| 2017 and thereafter | 363 |  |
| Total               | $ | 1,152 |  |

----

Table of Contents

----

Table of Contents

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           | United States |   | Australia (1) |   | Total |
|                           | Oil (Mbbls) |   | Gas (MMcf) |   | Oil (Mbbls) |   | Gas (MMcf) |   | Oil (Mbbls) |   | Gas (MMcf) |
|                           |   |   |   |   |   |   |   |   |   |   |   |
| Proved Reserves:               |   |   |   |   |   |   |   |   |   |   |   |
| 2009                           | — |  |   | — |  |   | 996.0 |  |   | 3.3 |  |   | 996.0 |  |   | 3.3 |  |
| Extensions and discoveries     | 6,963.0 |  |   | — |  |   | — |  |   | — |  |   | 6,963.0 |  |   | — |  |
| Revision of previous estimates | (74.0 | ) |   | — |  |   | (694.0 | ) |   | 1.6 |  |   | (768.0 | ) |   | 1.6 |  |
| Purchase of minerals in place  | 2,631.0 |  |   | — |  |   | — |  |   | — |  |   | 2,631.0 |  |   | — |  |
| Sales of minerals in place     | — |  |   | — |  |   | (205.0 | ) |   | — |  |   | (205.0 | ) |   | — |  |
| Production                     | (42.0 | ) |   | — |  |   | (97.0 | ) |   | (3.4 | ) |   | (139.0 | ) |   | (3.4 | ) |
| 2010                           | 9,478.0 |  |   | — |  |   | — |  |   | 1.5 |  |   | 9,478.0 |  |   | 1.5 |  |
| Extensions and discoveries     | 6.0 |  |   | — |  |   | — |  |   | — |  |   | 6.0 |  |   | — |  |
| Revision of previous estimates | (404.0 | ) |   | — |  |   | 64.0 |  |   | (0.2 | ) |   | (340.0 | ) |   | (0.2 | ) |
| Purchase of minerals in place  | 178.0 |  |   | — |  |   | — |  |   | — |  |   | 178.0 |  |   | — |  |
| Production                     | (68.0 | ) |   | — |  |   | (64.0 | ) |   | (0.9 | ) |   | (132.0 | ) |   | (0.9 | ) |
| 2011                           | 9,190.0 |  |   | — |  |   | — |  |   | 0.4 |  |   | 9,190.0 |  |   | 0.4 |  |
| Extensions and discoveries     | 186.4 |  |   | — |  |   | — |  |   | — |  |   | 186.4 |  |   | — |  |
| Revision of previous estimates | (1,643.8 | ) |   | — |  |   | — |  |   | 6.0 |  |   | (1,643.8 | ) |   | 6.0 |  |
| Purchase of minerals in place  | 1,246.8 |  |   | — |  |   | — |  |   | 5.5 |  |   | 1,246.8 |  |   | 5.5 |  |
| Production                     | (74.2 | ) |   | — |  |   | — |  |   | (0.4 | ) |   | (74.2 | ) |   | (0.4 | ) |
| 2012                           | 8,905.2 |  |   | — |  |   | — |  |   | 11.5 |  |   | 8,905.2 |  |   | 11.5 |  |

----

Table of Contents

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                         | United States |   | Australia (1) |   | Total |
|                         | Oil (Mbbls) |   | Gas (MMcf) |   | Oil (Mbbls) |   | Gas (MMcf) |   | Oil (Mbbls) |   | Gas (MMcf) |
|                         |   |   |   |   |   |   |   |   |   |   |   |
| Proved Developed Reserves:   |   |   |   |   |   |   |   |   |   |   |   |
| June 30, 2010           | 2,515.0 |  |   | — |  |   | — |  |   | 1.5 |  |   | 2,515.0 |  |   | 1.5 |  |
| June 30, 2011           | 2,249.0 |  |   | — |  |   | — |  |   | 0.4 |  |   | 2,249.0 |  |   | 0.4 |  |
| June 30, 2012           | 1,646.7 |  |   | — |  |   | — |  |   | 11.5 |  |   | 1,646.7 |  |   | 11.5 |  |
|                         |   |   |   |   |   |   |   |   |   |   |   |
| Proved Undeveloped Reserves: |   |   |   |   |   |   |   |   |   |   |   |
| June 30, 2010           | 6,963.0 |  |   | — |  |   | — |  |   | — |  |   | 6,963.0 |  |   | — |  |
| June 30, 2011           | 6,941.0 |  |   | — |  |   | — |  |   | — |  |   | 6,941.0 |  |   | — |  |
| June 30, 2012           | 7,258.4 |  |   | — |  |   | — |  |   | — |  |   | 7,258.4 |  |   | — |  |

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|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |
|                     | United States |   | Australia |
| Year ended June 30, 2012 |   |   |   |
| Oil                      | $ | 84.94 |  |   | NA |  |
| Gas                      | NA |  |   | $ | 4.64 |  |

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Table of Contents

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |  |  |
|                                                      | United States |   | Australia |   | Total |
|                                                      | (In thousands) |
| Fiscal year ended June 30,                                |   |   |   |   |   |
| 2012                                                      |   |   |   |   |   |
| Future cash inflows                                       | $ | 756,405 |  |   | $ | 53,296 |  |   | $ | 809,701 |  |
| Future production costs                                   | (291,212 | ) |   | (34,729 | ) |   | (325,941 | ) |
| Future development costs                                  | (34,416 | ) |   | (4,107 | ) |   | (38,523 | ) |
| Future income tax expense                                 | (152,314 | ) |   | (3,667 | ) |   | (155,981 | ) |
| Future net cash flows                                     | 278,463 |  |   | 10,793 |  |   | 289,256 |  |
| 10% annual discount                                       | (156,967 | ) |   | (2,214 | ) |   | (159,181 | ) |
| Standardized measures of discounted future net cash flows | $ | 121,496 |  |   | $ | 8,579 |  |   | $ | 130,075 |  |
|                                                      |   |   |   |   |   |
| 2011                                                      |   |   |   |   |   |
| Future cash inflows                                       | $ | 734,592 |  |   | $ | 972 |  |   | $ | 735,564 |  |
| Future production costs                                   | (303,005 | ) |   | (700 | ) |   | (303,705 | ) |
| Future development costs                                  | (28,849 | ) |   | — |  |   | (28,849 | ) |
| Future income tax expense                                 | (155,701 | ) |   | — |  |   | (155,701 | ) |
| Future net cash flows                                     | 247,037 |  |   | 272 |  |   | 247,309 |  |
| 10% annual discount                                       | (137,021 | ) |   | (8 | ) |   | (137,029 | ) |
| Standardized measures of discounted future net cash flows | $ | 110,016 |  |   | $ | 264 |  |   | $ | 110,280 |  |
|                                                      |   |   |   |   |   |
| 2010                                                      |   |   |   |   |   |
| Future cash inflows                                       | $ | 627,842 |  |   | $ | 3,031 |  |   | $ | 630,873 |  |
| Future production costs                                   | (251,335 | ) |   | (1,870 | ) |   | (253,205 | ) |
| Future development costs                                  | (27,293 | ) |   | (1,780 | ) |   | (29,073 | ) |
| Future income tax expense                                 | (132,843 | ) |   | (297 | ) |   | (133,140 | ) |
| Future net cash flows                                     | 216,371 |  |   | (916 | ) |   | 215,455 |  |
| 10% annual discount                                       | (131,163 | ) |   | 1,062 |  |   | (130,101 | ) |
| Standardized measures of discounted future net cash flows | $ | 85,208 |  |   | $ | 146 |  |   | $ | 85,354 |  |

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|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                    | United States |   | Australia |   | Total |
|                                                                                    | (In thousands) |
| Standardized measure of discounted future net cash flows for Fiscal year ended June 30, |   |   |   |   |   |
| 2009                                                                                    | $ | — |  |   | $ | 20,055 |  |   | $ | 20,055 |  |
| Extensions and discoveries                                                              | 115,092 |  |   | — |  |   | 115,092 |  |
| Acquisitions of reserves                                                                | 29,656 |  |   | — |  |   | 29,656 |  |
| Revisions of previous quantity estimates                                                | (8,258 | ) |   | 1,850 |  |   | (6,408 | ) |
| Divestiture of reserves                                                                 | — |  |   | (11,687 | ) |   | (11,687 | ) |
| Sales and transfers of oil and gas produced                                             | (1,064 | ) |   | (12,299 | ) |   | (13,363 | ) |
| Accretion of discount                                                                   | 1,725 |  |   | — |  |   | 1,725 |  |
| Net change in income taxes                                                              | (53,722 | ) |   | 2,227 |  |   | (51,495 | ) |
| Net change in timing and other                                                          | 1,779 |  |   | — |  |   | 1,779 |  |
| 2010                                                                                    | 85,208 |  |   | 146 |  |   | 85,354 |  |
| Net change in prices and production costs                                               | 24,899 |  |   | 38 |  |   | 24,937 |  |
| Extensions and discoveries                                                              | 117 |  |   | — |  |   | 117 |  |
| Acquisitions of reserves                                                                | 3,486 |  |   | — |  |   | 3,486 |  |
| Revisions of previous quantity estimates                                                | (7,041 | ) |   | 1,094 |  |   | (5,947 | ) |
| Changes in estimated future development costs                                           | (798 | ) |   | 536 |  |   | (262 | ) |
| Sales and transfers of oil and gas produced                                             | (2,406 | ) |   | (1,940 | ) |   | (4,346 | ) |
| Accretion of discount                                                                   | 13,893 |  |   | 41 |  |   | 13,934 |  |
| Net change in income taxes                                                              | (16,125 | ) |   | 297 |  |   | (15,828 | ) |
| Net change in timing and other                                                          | 8,783 |  |   | 52 |  |   | 8,835 |  |
| 2011                                                                                    | 110,016 |  |   | 264 |  |   | 110,280 |  |
| Net change in prices and production costs                                               | 18,517 |  |   | — |  |   | 18,517 |  |
| Extensions and discoveries                                                              | 6,785 |  |   | — |  |   | 6,785 |  |
| Acquisitions of reserves                                                                | 26,584 |  |   | 4,872 |  |   | 31,456 |  |
| Revisions of previous quantity estimates (1)                                            | (37,846 | ) |   | 6,144 |  |   | (31,702 | ) |
| Changes in estimated future development costs                                           | (2,275 | ) |   | (555 | ) |   | (2,830 | ) |
| Sales and transfers of oil and gas produced                                             | (941 | ) |   | (264 | ) |   | (1,205 | ) |
| Previously estimated development cost incurred during the period                        | 5,841 |  |   | — |  |   | 5,841 |  |
| Accretion of discount (2)                                                               | — |  |   | — |  |   | — |  |
| Net change in income taxes                                                              | (1,657 | ) |   | (1,576 | ) |   | (3,233 | ) |
| Net change in timing and other                                                          | (3,528 | ) |   | (306 | ) |   | (3,834 | ) |
| 2012                                                                                    | $ | 121,496 |  |   | $ | 8,579 |  |   | $ | 130,075 |  |

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|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                         | United States |   | Australia |   | United Kingdom |   | Total |
|                                         | (In thousands) |
| Fiscal year ended June 30,                   |   |   |   |   |   |   |   |
| 2012                                         |   |   |   |   |   |   |   |
| Proved                                       | $ | 1,606 |  |   | $ | 5,634 |  |   | $ | — |  |   | $ | 7,240 |  |
| Unproved                                     | 945 |  |   | 3,787 |  |   | — |  |   | 4,732 |  |
| Exploration Costs                            | 2,192 |  |   | 1 |  |   | 5 |  |   | 2,198 |  |
| Development Costs                            | 2,779 |  |   | — |  |   | — |  |   | 2,779 |  |
| Total, including asset retirement obligation | $ | 7,522 |  |   | $ | 9,422 |  |   | $ | 5 |  |   | $ | 16,949 |  |
|                                         |   |   |   |   |   |   |   |
| 2011                                         |   |   |   |   |   |   |   |
| Proved                                       | $ | 380 |  |   | $ | — |  |   | $ | — |  |   | $ | 380 |  |
| Unproved                                     | 150 |  |   | — |  |   | — |  |   | 150 |  |
| Exploration Costs                            | 762 |  |   | 976 |  |   | 3,023 |  |   | 4,761 |  |
| Development Costs                            | 1,971 |  |   | 4 |  |   | — |  |   | 1,975 |  |
| Total, including asset retirement obligation | $ | 3,263 |  |   | $ | 980 |  |   | $ | 3,023 |  |   | $ | 7,266 |  |
|                                         |   |   |   |   |   |   |   |
| 2010                                         |   |   |   |   |   |   |   |
| Proved                                       | $ | 13,456 |  |   | $ | — |  |   | $ | — |  |   | $ | 13,456 |  |
| Exploration Costs                            | — |  |   | 714 |  |   | 1,127 |  |   | 1,841 |  |
| Development Costs                            | 314 |  |   | 1,428 |  |   | — |  |   | 1,742 |  |
| Total, including asset retirement obligation | $ | 13,770 |  |   | $ | 2,142 |  |   | $ | 1,127 |  |   | $ | 17,039 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | United States |   | Australia |   | United Kingdom |   | Total |
|                                 | (In thousands) |
| Fiscal year ended June 30,           |   |   |   |   |   |   |   |
| 2012                                 |   |   |   |   |   |   |   |
| Balance at beginning of year         | $ | 2,411 |  |   | $ | 415 |  |   | $ | 5,259 |  |   | $ | 8,085 |  |
| Additions to capitalized costs       | 4,631 |  |   | 3,973 |  |   | 1,369 |  |   | 9,973 |  |
| Assets sold or held for sale         | (150 | ) |   | — |  |   | — |  |   | (150 | ) |
| Reclassified to producing properties | (3,772 | ) |   | — |  |   | — |  |   | (3,772 | ) |
| Charged to expense                   | (1,297 | ) |   | — |  |   | (2,106 | ) |   | (3,403 | ) |
| Exchange adjustment                  | — |  |   | — |  |   | 102 |  |   | 102 |  |
| Balance at end of year               | $ | 1,823 |  |   | $ | 4,388 |  |   | $ | 4,624 |  |   | $ | 10,835 |  |

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|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | United States |   | Australia |   | United Kingdom |   | Total |
|                                 | (In thousands) |
| 2011                                 |   |   |   |   |   |   |   |
| Balance at beginning of year         | $ | 314 |  |   | $ | 415 |  |   | $ | 3,576 |  |   | $ | 4,305 |  |
| Additions to capitalized costs       | 2,406 |  |   | — |  |   | 1,703 |  |   | 4,109 |  |
| Assets sold or held for sale         | — |  |   | — |  |   | — |  |   | — |  |
| Reclassified to producing properties | (277 | ) |   | — |  |   | — |  |   | (277 | ) |
| Charged to expense                   | (32 | ) |   | — |  |   | 36 |  |   | 4 |  |
| Exchange adjustment                  | — |  |   | — |  |   | (56 | ) |   | (56 | ) |
| Balance at end of year               | $ | 2,411 |  |   | $ | 415 |  |   | $ | 5,259 |  |   | $ | 8,085 |  |
|                                 |   |   |   |   |   |   |   |
| 2010                                 |   |   |   |   |   |   |   |
| Balance at beginning of year         | $ | — |  |   | $ | 3,487 |  |   | $ | 3,154 |  |   | $ | 6,641 |  |
| Additions to capitalized costs       | 314 |  |   | — |  |   | 608 |  |   | 922 |  |
| Assets sold or held for sale         | — |  |   | (3,072 | ) |   | — |  |   | (3,072 | ) |
| Reclassified to producing properties | — |  |   | — |  |   | — |  |   | — |  |
| Charged to expense                   | — |  |   | — |  |   | (232 | ) |   | (232 | ) |
| Exchange adjustment                  | — |  |   | — |  |   | 46 |  |   | 46 |  |
| Balance at end of year               | $ | 314 |  |   | $ | 415 |  |   | $ | 3,576 |  |   | $ | 4,305 |  |

|                                                                  |
|------------------------------------------------------------------|
|                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                             | FirstQuarter |   | SecondQuarter |   | ThirdQuarter |   | FourthQuarter |   | June 30, 2012 |
|                                                             | (In thousands, except per share data) |
| Year ended June 30, 2012                                         |   |   |   |   |   |   |   |   |   |
| Total operating revenues                                         | $ | 3,735 |  |   | $ | 3,202 |  |   | $ | 4,805 |  |   | $ | 1,970 |  |   | $ | 13,712 |  |
| Total operating expenses (income)                                | $ | 2,883 |  |   | $ | 8,076 |  |   | $ | 9,367 |  |   | $ | (26,388 | ) |   | $ | (6,062 | ) |
| Income (loss) before income taxes                                | $ | 1,123 |  |   | $ | (4,755 | ) |   | $ | (4,590 | ) |   | $ | 28,754 |  |   | $ | 20,532 |  |
| Net income (loss) attributable to Magellan Petroleum Corporation | $ | 940 |  |   | $ | (4,557 | ) |   | $ | (4,590 | ) |   | $ | 34,705 |  |   | $ | 26,498 |  |
| Net income (loss) per basic common share outstanding             | $ | 0.02 |  |   | $ | (0.08 | ) |   | $ | (0.09 | ) |   | $ | 0.64 |  |   | $ | 0.49 |  |
| Net income (loss) per diluted common share outstanding           | $ | 0.02 |  |   | $ | (0.08 | ) |   | $ | (0.09 | ) |   | $ | 0.64 |  |   | $ | 0.49 |  |

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|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                    | FirstQuarter |   | SecondQuarter |   | ThirdQuarter |   | FourthQuarter |   | June 30, 2011 |
|                                                    | (In thousands, except per share data) |
| Year ended June 30, 2011                                |   |   |   |   |   |   |   |   |   |
| Total operating revenues                                | $ | 3,699 |  |   | $ | 4,461 |  |   | $ | 4,867 |  |   | $ | 5,149 |  |   | $ | 18,176 |  |
| Total operating expenses                                | $ | 7,658 |  |   | $ | 8,158 |  |   | $ | 4,947 |  |   | $ | 25,632 |  |   | $ | 46,395 |  |
| (Loss) income before income taxes                       | $ | (3,713 | ) |   | $ | (3,476 | ) |   | $ | 111 |  |   | $ | (20,218 | ) |   | $ | (27,296 | ) |
| Net loss attributable to Magellan Petroleum Corporation | $ | (3,376 | ) |   | $ | (2,099 | ) |   | $ | (84 | ) |   | $ | (26,873 | ) |   | $ | (32,432 | ) |
| Net loss per basic common share outstanding             | $ | (0.06 | ) |   | $ | (0.04 | ) |   | * |  |   | $ | (0.51 | ) |   | $ | (0.62 | ) |
| Net loss per diluted common share outstanding           | $ | (0.06 | ) |   | $ | (0.04 | ) |   | * |  |   | $ | (0.51 | ) |   | $ | (0.62 | ) |

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |
|                                                            | June 30, 2011 |
|                                                            | (In thousands) |
| CONSOLIDATED BALANCE SHEET                                      |   |
| As reported previously:                                         |   |
| Oil and gas properties (successful efforts method)              | $ | 138,577 |  |
| Land, buildings, and equipment                                  | 4,089 |  |
| Field equipment                                                 | 6,390 |  |
| Less accumulated depletion, depreciation, and amortization      | (119,903 | ) |
| Net property and equipment                                      | $ | 29,153 |  |
|                                                            |   |
| As currently reported:                                          |   |
| Proved oil and gas properties                                   | $ | 136,094 |  |
| Less accumulated depletion, depreciation, and amortization      | (115,917 | ) |
| Unproved oil and gas properties                                 | 3,368 |  |
| Wells in progress                                               | 4,315 |  |
| Land, buildings, and equipment, net of accumulated depreciation | 1,293 |  |
| Net property and equipment                                      | $ | 29,153 |  |

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|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |
|                                                 | June 30, |
|                                                 | 2011 |   | 2010 |
|                                                 | (In thousands) |
| CONSOLIDATED STATEMENTS OF OPERATIONS                |   |   |   |
| As reported previously:                              |   |   |   |
| Salaries and employee benefits                       | $ | 5,079 |  |   | $ | 4,816 |  |
| Depletion, depreciation, and amortization            | 2,326 |  |   | 4,680 |  |
| Auditing, accounting, and legal services             | 2,595 |  |   | 1,948 |  |
| Accretion expense                                    | 564 |  |   | 748 |  |
| Shareholder communications                           | 396 |  |   | 551 |  |
| Other administrative expenses                        | 7,286 |  |   | 6,031 |  |
| Foreign transaction loss                             | 951 |  |   | 677 |  |
| Total                                                | $ | 19,197 |  |   | $ | 19,451 |  |
|                                                 |   |   |   |
| As currently reported:                               |   |   |   |
| Depletion, depreciation, amortization, and accretion | $ | 2,890 |  |   | $ | 5,428 |  |
| General and administrative                           | 16,307 |  |   | 14,023 |  |
| Total                                                | $ | 19,197 |  |   | $ | 19,451 |  |

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|         |                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; |

|         |                                                                                                                                                                                                                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and |

|         |                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's assets that have a material effect on the financial statements. |

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1. | An error in the Company's unaudited condensed consolidated statement of cash flows was identified as of March 31, 2011. Certain foreign currency exchange losses were improperly excluded from the reconciliation of our net loss to cash flows from operations. In addition, certain other errors were made in the preparation of the consolidated statement of cash flows for the period ended June 30, 2011. These errors, if taken individually, would not be considered material, however, on an aggregate basis were considered a material weakness. |

|    |                                                                                                                                      |
|----|--------------------------------------------------------------------------------------------------------------------------------------|
| 2. | The Company's internal control procedures over the review of the work provided by third party accounting experts were not effective. |

|    |                                                                                                    |
|----|----------------------------------------------------------------------------------------------------|
| 1. | The improvement of processes surrounding the statement of cash flows included the following steps: |

|         |                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | An improved process of consolidating the financial statements has been implemented, including a more efficient process to communicate, receive, and consolidate information from international locations. |

|         |                                                                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Company has augmented its financial reporting and technical accounting resources to enable a more detailed and rigorous review of the cash flow statement in compliance with GAAP. |

|    |                                                                                                                        |
|----|------------------------------------------------------------------------------------------------------------------------|
| 2. | The improvement of the review process of work provided by third party accounting experts included the following steps: |

|         |                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Company has hired additional accounting and finance resources with increased technical abilities, reducing reliance on and use of third party accounting experts. |

|         |                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | An enhanced process to review complex accounting matters and the work provided by third party expert has been implemented among the senior accounting staff of the Company. |

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|                     |
|---------------------|
|                     |  |  |  |  |  |  |
| Name                |   | Age |   | Office Held |   | Length of Service as Officer |
| J. Thomas Wilson    |   | 60 |   | President and Chief Executive Officer |   | Since September 2011 |
| Antoine J. Lafargue |   | 38 |   | VP - Chief Financial Officer and Treasurer |   | Since July 2010 |
| C. Mark Brannum     |   | 46 |   | VP - General Counsel and Secretary |   | Since September 2012 |

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|                                                         |
|---------------------------------------------------------|
|                                                         |  |
| ITEM                                                    | PAGE |
| Report of Independent Registered Public Accounting Firm | 47 |
| Report of Independent Registered Public Accounting Firm | 48 |
| Consolidated Balance Sheets                             | 49 |
| Consolidated Statements of Operations                   | 51 |
| Consolidated Statements of Comprehensive Income (Loss)  | 52 |
| Consolidated Statements of Stockholders’ Equity   | 53 |
| Consolidated Statements of Cash Flows                   | 54 |
| Notes to Consolidated Financial Statements              | 56 |

|         |
|---------|
|         |  |
| EXHIBIT |   |
| NUMBER  | DESCRIPTION |
| 2.1     | Lease Purchase and Sale and Participation Agreement among Magellan Petroleum Corporation, Nautilus Poplar LLC, and VAALCO Energy (USA), Inc., dated as of September 6, 2011 (filed as Exhibit 2.1 to the registrant's Quarterly Report on Form 10-Q filed on November 14, 2011 and incorporated herein by reference) |
| 2.2     | Purchase and Sale Agreement among Magellan Petroleum Corporation and the members of Nautilus Technical Group LLC and Eastern Rider LLC, dated as of September 2, 2011 (filed as Exhibit 2.2 to the registrant's Quarterly Report on Form 10-Q filed on November 14, 2011 and incorporated herein by reference) |
| 2.3     | Sale Agreement among Magellan Petroleum (NT) Pty Ltd, Santos QNT Pty Ltd, and Santos Limited, dated September 14, 2011 (filed as Exhibit 2.3 to the registrant's Quarterly Report on Form 10-Q filed on November 14, 2011 and incorporated herein by reference) |
| 3.1     | Restated Certificate of Incorporation as filed on May 4, 1987 with the State of Delaware, as amended by an Amendment of Article Twelfth as filed on February 12, 1988 with the State of Delaware (filed as Exhibit 4.B. to the registrant's Registration Statement on Form S-8 filed on January 14, 1999 (Registration No. 333-70567) and incorporated herein by reference) |
| 3.2     | Certificate of Amendment of Restated Certificate of Incorporation as filed on December 26, 2000 with the State of Delaware (filed as Exhibit 3(a) to the registrant's Quarterly Report on Form 10-Q filed on February 13, 2001 and incorporated herein by reference) |
| 3.3     | Certificate of Amendment of Restated Certificate of Incorporation related to Articles Twelfth and Fourteenth as filed on October 15, 2009 with the State of Delaware (filed as Exhibit 3.3 to the registrant's Quarterly Report on Form 10-Q filed on February 16, 2010 and incorporated herein by reference) |

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|        |
|--------|
|        |  |
| 3.4    | Certificate of Amendment to Restated Certificate of Incorporation related to Article Thirteenth as filed on October 15, 2009 with the State of Delaware (filed as Exhibit 3.4 to the registrant's Quarterly Report on Form 10-Q filed on February 16, 2010 and incorporated herein by reference) |
| 3.5    | Certificate of Amendment of Restated Certificate of Incorporation related to Article Fourth as filed on December 10, 2010 with the State of Delaware (filed as Exhibit 3.1 to the registrant's Current Report on Form 8-K filed on December 13, 2010 and incorporated herein by reference) |
| 3.6    | By-Laws, as amended on March 10, 2010 (filed as Exhibit 3.1 to the registrant's Current Report on Form 8-K filed on March 15, 2010 and incorporated herein by reference) |
| 10.1   | Petroleum Lease No. 4 dated November 18, 1981 granted by the Northern Territory of Australia to United Canso Oil & Gas Co. (N.T.) Pty Ltd. (filed as Exhibit 10(a) to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 1999 and incorporated herein by reference) |
| 10.2   | Petroleum Lease No. 5 dated November 18, 1981 granted by the Northern Territory of Australia to Magellan Petroleum (N.T.) Pty. Ltd. (filed as Exhibit 10(b) to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 1999 and incorporated herein by reference) |
| 10.3   | Palm Valley Petroleum Lease (OL3) dated November 9, 1982 (filed as Exhibit 10(d) to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 1999 and incorporated herein by reference) |
| 10.4   | Palm Valley Operating Agreement dated April 2, 1985 among Magellan Petroleum (N.T.) Pty. Ltd., C.D. Resources Pty. Ltd., Farmout Drillers N.L., Canso Resources Limited, International Oil Proprietary, Pancontinental Petroleum Limited, I.E.D.C. Australia Pty. Ltd., Southern Alloys Ventures Pty. Limited, and Amadeus Oil N.L. (filed as Exhibit 10(f) to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 1999 and incorporated herein by reference) |
| 10.5   | Mereenie Operating Agreement dated April 27, 1984 among Magellan Petroleum (N.T.) Pty. Ltd., United Oil & Gas Co. (N.T.) Pty. Ltd., Canso Resources Limited, Oilmin (N.T.) Pty. Ltd., Krewliff Investments Pty. Ltd., Transoil (N.T.) Pty. Ltd., and Farmout Drillers NL, and Amendment thereto dated October 3, 1984 (filed as Exhibit 10(g) to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 1999 and incorporated herein by reference) |
| 10.6   | Palm Valley Gas Purchase Agreement dated June 28, 1985 among Magellan Petroleum (N.T.) Pty. Ltd., C.D. Resources Pty. Ltd., Farmout Drillers N.L., Canso Resources Limited, International Oil Proprietary, Pancontinental Petroleum Limited, IEDC Australia Pty Limited, Amadeus Oil N.L., Southern Alloy Venture Pty. Limited, and Gasgo Pty. Limited, including the Guarantee of the Northern Territory of Australia dated June 28, 1985 and the Certification Letter dated June 28, 1985 that the Guarantee is binding (filed as Exhibit 10(h) to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 1999 and incorporated herein by reference) |
| 10.7   | Agreements dated June 28, 1985 relating to the Amadeus Basin - Darwin Pipeline, including a Deed of Trust related to Amadeus Gas Trust, an Undertaking by the Northern Territory Electric Commission, and an Undertaking from the Northern Territory Gas Pty Ltd. (filed as Exhibit 10(j) to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 1999 and incorporated herein by reference) |
| 10.8   | Agreement among the Mereenie Producers and the Palm Valley Producers dated June 28, 1985 (filed as Exhibit 10(k) to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 1999 and incorporated herein by reference) |
| 10.9   | Palm Valley Renewal of Petroleum Lease dated November 6, 2003 (filed as Exhibit 10(s) to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 2004 and incorporated herein by reference) |
| 10.10+ | Form of Indemnification Agreement between Magellan Petroleum Corporation and directors and officers pursuant to Article Sixteenth of the Restated Certificate of Incorporation and the By-Laws (filed as Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on June 2, 2009 and incorporated herein by reference) |
| 10.11+ | 1998 Stock Option Plan (filed as Exhibit 4.A. to the registrant's Registration Statement on Form S-8 filed on January 14, 1999 (Registration No. 333-70567) and incorporated herein by reference) |
| 10.12+ | First Amendment to the 1998 Stock Option Plan dated October 24, 2007 (filed as Exhibit 10(n) to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 2008 and incorporated herein by reference) |
| 10.13+ | 1998 Stock Incentive Plan, as amended and restated through September 28, 2010 (filed as Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on December 13, 2010 and incorporated herein by reference) |
| 10.14+ | Form of Non-Qualified Stock Option Award Agreement between Magellan Petroleum Corporation and officers and directors (filed as Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on November 30, 2005 and incorporated herein by reference) |
| 10.15+ | Form of Amendment to Non-Qualified Stock Option Agreement between Magellan Petroleum Corporation and directors (filed as Exhibit 10.2 to the registrant's Current Report on Form 8-K filed on December 15, 2008 and incorporated herein by reference) |
| 10.16+ | Employment Agreement between Magellan Petroleum Corporation and William H. Hastings, dated as of February 3, 2009 (filed as Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on February 9, 2009 and incorporated herein by reference) |
| 10.17+ | Indemnification Agreement between Magellan Petroleum Corporation and William H. Hastings, dated as of February 3, 2009 (filed as Exhibit 10.2 to the registrant's Current Report on Form 8-K filed on February 9, 2009 and incorporated herein by reference) |
| 10.18+ | Non-Qualified Stock Option Award Agreement between Magellan Petroleum Corporation and William H. Hastings, dated as of February 3, 2009 (filed as Exhibit 10.3 to the registrant's Current Report on Form 8-K filed on February 9, 2009 and incorporated herein by reference) |
| 10.19+ | Non-Qualified Stock Option Performance Award Agreement between Magellan Petroleum Corporation and William H. Hastings, dated as of February 3, 2009 (filed as Exhibit 10.4 to the registrant's Current Report on Form 8-K filed on February 9, 2009 and incorporated herein by reference) |

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Table of Contents

|        |
|--------|
|        |  |
| 10.20+ | Employment Agreement Addendum between Magellan Petroleum Corporation and William H. Hastings, dated as of September 27, 2011 (filed as Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on October 3, 2011 and incorporated herein by reference) |
| 10.21  | Warrant Agreement between Magellan Petroleum Corporation and Young Energy Prize S.A., dated July 9, 2009 (filed as Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on July 14, 2009 and incorporated herein by reference) |
| 10.22  | Amended and Restated Warrant Agreement between Magellan Petroleum Corporation and Young Energy Prize S.A., dated March 11, 2010 (filed as Exhibit 10.1 to the registrant's Quarterly Report on Form 10-Q filed on May 14, 2010 and incorporated herein by reference) |
| 10.23  | Registration Rights Agreement between Magellan Petroleum Corporation and Young Energy Prize S.A., dated July 9, 2009 (filed as Exhibit 10.2 to the registrant's Current Report on Form 8-K filed on July 14, 2009 and incorporated herein by reference) |
| 10.24  | First Amendment to Registration Rights Agreement among Magellan Petroleum Corporation, Young Energy Prize S.A., and YEP I, SICAV-FIS, dated as of October 14, 2009 (filed as Exhibit 10.2 to the registrant's Current Report on Form 8-K filed on October 19, 2009 and incorporated herein by reference) |
| 10.25  | Second Amendment to Registration Rights Agreement among Magellan Petroleum Corporation, Young Energy Prize S.A., and ECP Fund, SICAV-FIS, dated June 23, 2010 (filed as Exhibit 10(xx) to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 2010 and incorporated herein by reference) |
| 10.26+ | Consulting Agreement between Magellan Petroleum Corporation and J. Thomas Wilson, dated July 9, 2009 (filed as Exhibit 10.4 to the registrant's Current Report on Form 8-K filed on July 14, 2009 and incorporated herein by reference) |
| 10.27+ | Non-Qualified Stock Option Award Agreement between Magellan Petroleum Corporation and J. Thomas Wilson, dated July 9, 2009 (filed as Exhibit 10.5 to the registrant's Current Report on Form 8-K filed on July 14, 2009 and incorporated herein by reference) |
| 10.28+ | Non-Qualified Stock Option Performance Award Agreement between Magellan Petroleum Corporation and J. Thomas Wilson, dated July 9, 2009 (filed as Exhibit 10.6 to the registrant's Current Report on Form 8-K filed on July 14, 2009 and incorporated herein by reference) |
| 10.29+ | Employment Agreement between Magellan Petroleum Corporation and J. Thomas Wilson dated November 2, 2011 (filed as Exhibit 10.1 to the registrant's Current Report on Form 8-K/A filed on November 16, 2011 and incorporated herein by reference) |
| 10.30+ | Indemnification Agreement between Magellan Petroleum Corporation and J. Thomas Wilson dated November 2, 2011 (filed as Exhibit 10.2 to the registrant's Current Report on Form 8-K/A filed on November 16, 2011 and incorporated herein by reference) |
| 10.31+ | Nonqualified Stock Option Award Agreement between Magellan Petroleum Corporation and J. Thomas Wilson dated November 16, 2011 (filed as Exhibit 10.3 to the registrant's Current Report on Form 8-K/A filed on November 16, 2011 and incorporated herein by reference) |
| 10.32+ | Restricted Stock Award Agreement between Magellan Petroleum Corporation and J. Thomas Wilson dated November 16, 2011 (filed as Exhibit 10.4 to the registrant's Current Report on Form 8-K/A filed on November 16, 2011 and incorporated herein by reference) |
| 10.33  | First Amended and Restated Operating Agreement of Nautilus Poplar, LLC among Nautilus Technical Group, LLC, White Bear, LLC, YEP I, SICAV-FIS, and Eastern Rider, LLC dated as of October 14, 2009 (filed as Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on October 19, 2009 and incorporated herein by reference) |
| 10.34+ | Employment Agreement between Magellan Petroleum Corporation and Susan M. Filipos, dated as of September 28, 2009 (filed as Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on May 7, 2010 and incorporated herein by reference) |
| 10.35+ | Employment Agreement between Magellan Petroleum Corporation and Susan M. Filipos, dated as of September 28, 2009, as amended on August 16, 2011 (filed as Exhibit 10.4 to the registrant's Quarterly Report on Form 10-Q filed on November 14, 2011 and incorporated herein by reference) |
| 10.36+ | Non-Qualified Stock Option Award Agreement between Magellan Petroleum Corporation and Susan M. Filipos, dated as of October 1, 2009 (filed as Exhibit 10.2 to the registrant's Current Report on Form 8-K filed on May 7, 2010 and incorporated herein by reference) |
| 10.37+ | Indemnification Agreement between Magellan Petroleum Corporation and Susan M. Filipos, dated as of May 3, 2010 (filed as Exhibit 10.3 to the registrant's Current Report on Form 8-K filed on May 7, 2010 and incorporated herein by reference) |
| 10.38  | Assets Sale Deed between Magellan Petroleum Australia Limited and Santos Offshore Pty Ltd., dated as of March 25, 2010 (filed as Exhibit 2.1 to the registrant's Quarterly Report on Form 10-Q filed on May 14, 2010 and incorporated herein by reference) |
| 10.39+ | Form of Non-Qualified Stock Option Award Agreement between Magellan Petroleum Corporation and non-employee directors, dated April 1, 2010 (filed as Exhibit 10.2 to the registrant's Quarterly Report on Form 10-Q filed on May 14, 2010 and incorporated herein by reference) |
| 10.40+ | Form of Restricted Stock Award Agreement between Magellan Petroleum Corporation and non-employee directors, dated April 1, 2010 (Version A) (filed as Exhibit 10.3 to the registrant's Quarterly Report on Form 10-Q filed on May 14, 2010 and incorporated herein by reference) |
| 10.41+ | Form of Restricted Stock Award Agreement between Magellan Petroleum Corporation and non-employee directors, dated April 1, 2010 (Version B) (filed as Exhibit 10.4 to the registrant's Quarterly Report on Form 10-Q filed on May 14, 2010 and incorporated herein by reference) |

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Table of Contents

|        |
|--------|
|        |  |
| 10.42+ | Employment Agreement between Magellan Petroleum Corporation and Antoine J. Lafargue, dated as of August 2, 2010 (filed as Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on August 4, 2010 and incorporated herein by reference) |
| 10.43+ | Indemnification Agreement between Magellan Petroleum Corporation and Antoine J. Lafargue, dated as of August 2, 2010 (filed as Exhibit 10.2 to the registrant's Current Report on Form 8-K filed on August 4, 2010 and incorporated herein by reference) |
| 10.44+ | Non-Qualified Stock Option Award Agreement between Magellan Petroleum Corporation and Antoine J. Lafargue, dated as of August 2, 2010 (filed as Exhibit 10.3 to the registrant's Current Report on Form 8-K filed on August 4, 2010 and incorporated herein by reference) |
| 10.45+ | Non-Qualified Stock Option Performance Award Agreement between Magellan Petroleum Corporation and Antoine J. Lafargue, dated as of August 2, 2010 (filed as Exhibit 10.4 to the registrant's Current Report on Form 8-K filed on August 4, 2010 and incorporated herein by reference) |
| 10.46+ | Nonqualified Stock Option Award Agreement between Magellan Petroleum Corporation and Antoine J. Lafargue dated November 30, 2011 (filed as Exhibit 10.7 to the registrant's Quarterly Report on Form 10-Q filed on February 10, 2012 and incorporated herein by reference) |
| 10.47+ | Nonqualified Stock Option Performance Award Agreement between Magellan Petroleum Corporation and Antoine J. Lafargue dated November 30, 2011 (filed as Exhibit 10.8 to the registrant's Quarterly Report on Form 10-Q filed on February 10, 2012 and incorporated herein by reference) |
| 10.48  | Securities Purchase Agreement between Magellan Petroleum Corporation and Young Energy Prize S.A., dated August 5, 2010 (filed as Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on August 11, 2010 and incorporated herein by reference) |
| 10.49  | Memorandum of Agreement between Magellan Petroleum Corporation and Young Energy Prize S.A., dated August 5, 2010 (filed as Exhibit 10.2 to the registrant's Current Report on Form 8-K filed on August 11, 2010 and incorporated herein by reference) |
| 10.50  | Investor Rights Agreement between Magellan Petroleum Corporation and Young Energy Prize S.A., dated August 5, 2010 (filed as Exhibit 10.3 to the registrant's Current Report on Form 8-K filed on August 11, 2010 and incorporated herein by reference) |
| 10.51  | Letter Deed dated December 23, 2010 between Magellan Petroleum Australia Limited and Santos Offshore Pty Ltd. (filed as Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on December 28, 2010 and incorporated herein by reference) |
| 10.52  | Deed of Variation between Magellan Petroleum Australia Limited and Santos Offshore Pty Ltd. dated as of January 31, 2011 (filed as Exhibit 10.1 to the registrant's Quarterly Report on Form 10-Q filed on May 16, 2011 and incorporated herein by reference) |
| 10.53  | Letter of Young Energy Prize S.A. to Magellan Petroleum Corporation dated January 13, 2011, effective as of December 23, 2010 (filed as Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on January 18, 2011 and incorporated herein by reference) |
| 10.54  | First Amendment to Securities Purchase Agreement between Magellan Petroleum Corporation and Young Energy Prize S.A., dated February 11, 2011 (filed as Exhibit 10.1 to the registrant's Current Report on Form 8-K filed on February 18, 2011 and incorporated herein by reference) |
| 10.55  | Second Amendment to Securities Purchase Agreement between Magellan Petroleum Corporation and Young Energy Prize S.A., dated February 17, 2011 (filed as Exhibit 10.2 to the registrant's Current Report on Form 8-K filed on February 18, 2011 and incorporated herein by reference) |
| 10.56  | Investment Agreement between Magellan Petroleum Corporation and Young Energy Prize S.A., dated February 11, 2011 (filed as Exhibit 10.3 to the registrant's Current Report on Form 8-K filed on February 18, 2011 and incorporated herein by reference) |
| 10.57  | Amended Side Letter to Investment Agreement between Magellan Petroleum Corporation and Young Energy Prize S.A., dated February 17, 2011 (filed as Exhibit 10.4 to the registrant's Current Report on Form 8-K filed on February 18, 2011 and incorporated herein by reference) |
| 10.58  | Release Agreement between Santos Offshore Party Ltd and Magellan Petroleum Australia Limited, dated as of July 21, 2011 (filed as Exhibit 10.1 to the registrant's Quarterly Report on Form 10-Q filed on November 14, 2011 and incorporated herein by reference) |
| 10.59  | Registration Rights Agreement among Magellan Petroleum Corporation and the members of Nautilus Technical Group LLC and Eastern Rider LLC, dated September 2, 2011 (filed as Exhibit 10.2 to the registrant's Quarterly Report on Form 10-Q filed on November 14, 2011 and incorporated herein by reference) |
| 10.60  | Gas Supply and Purchase Agreement among Magellan Petroleum (N.T.) Pty. Ltd., Santos Limited, and Santos QNT Pty. Ltd., dated September 14, 2011 (filed as Exhibit 10.3 to the registrant's Quarterly Report on Form 10-Q filed on November 14, 2011 and incorporated herein by reference) |
| 10.61+ | Offer Letter to Milam Randolph Pharo dated November 16, 2011 and accepted on November 30, 2011 (filed as Exhibit 10.5 to the registrant's Quarterly Report on Form 10-Q filed on February 10, 2012 and incorporated herein by reference) |
| 10.62+ | Nonqualified Stock Option Award and Subscription Agreement between Magellan Petroleum Corporation and Milam Randolph Pharo dated November 30, 2011 (filed as Exhibit 10.6 to the registrant's Quarterly Report on Form 10-Q filed on February 10, 2012 and incorporated herein by reference) |
| 10.63+ | Nonqualified Stock Option Award and Subscription Agreement between Magellan Petroleum Corporation and Blaine K. Spies dated December 14, 2011 (filed as Exhibit 10.9 to the registrant's Quarterly Report on Form 10-Q filed on February 10, 2012 and incorporated herein by reference) |
| 14.1*  | Code of Conduct of Magellan Petroleum Corporation, as amended July 24, 2012 |

----

Table of Contents

|            |
|------------|
|            |  |
| 21.1*      | Subsidiaries of the Registrant |
| 23.1*      | Consent of Ehrhardt Keefe Steiner & Hottman PC |
| 23.2*      | Consent of Deloitte & Touche LLP |
| 23.3*      | Consent of Allen & Crouch Petroleum Engineers Inc. |
| 23.4*      | Consent of Ryder Scott Company, L.P. |
| 31.1*      | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| 31.2*      | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| 32.1**     | Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 32.2**     | Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 99.1*      | Summary reserves report of Allen & Crouch Petroleum Engineers, Inc. |
| 99.2*      | Summary reserves report of Ryder Scott Company, L.P. |
| 101.INS*** | XBRL Instance Document |
| 101.SCH*** | XBRL Taxonomy Extension Schema Document |
| 101.CAL*** | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF*** | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB*** | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE*** | XBRL Taxonomy Extension Presentation Linkbase Document |
|       |   |
| *          | Filed herewith. |
| **         | Furnished herewith. |
| ***        | To be furnished by amendment.  Users of this data to be submitted electronically are advised pursuant to Rule 406T of Regulation S-T that this interactive data file will not be deemed filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, will not be deemed filed for purposes of section 18 of the Securities Exchange Act of 1934, and otherwise will not be subject to liability under these sections. |
| +          | Management contract or compensatory plan or arrangement. |

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Table of Contents

|        |
|--------|
|        |  |  |  |  |
|   |   | MAGELLAN PETROLEUM CORPORATION |   |
|   |   | (Registrant) |   |
|   |   |   |   |   |
|   |   | By: | /s/ J. Thomas Wilson |   |
|   |   |   | John Thomas Wilson, President and Chief Executive Officer |   |
|   |   |   | (as Principal Executive Officer) |   |
|   |   |   |   |   |
|   |   | By: | /s/ Antoine J. Lafargue |   |
|   |   |   | Antoine J. Lafargue, Vice President - Chief Financial Officer and Treasurer |   |
|   |   |   | (as Principal Financial and Accounting Officer) |   |
|   |   |   |   |   |
| Date:  | September 24, 2012 |   |   |   |

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |
| /s/ J. Thomas Wilson                                                         |   | Date: | September 24, 2012 |   |
| John Thomas Wilson, President and Chief Executive Officer, and Director      |   |   |   |   |
|                                                                         |   |   |   |   |
| /s/ Antoine J. Lafargue                                                      |   | Date: | September 24, 2012 |   |
| Antoine J. Lafargue, Vice President - Chief Financial Officer, and Treasurer |   |   |   |   |
|                                                                         |   |   |   |   |
| /s/ Donald V. Basso                                                          |   | Date: | September 24, 2012 |   |
| Donald V. Basso, Director                                                    |   |   |   |   |
|                                                                         |   |   |   |   |
| /s/ Nikolay Bogachev                                                         |   | Date: | September 24, 2012 |   |
| Nikolay Bogachev, Director                                                   |   |   |   |   |
|                                                                         |   |   |   |   |
| /s/ Walter McCann                                                            |   | Date: | September 24, 2012 |   |
| Walter McCann, Director                                                      |   |   |   |   |
|                                                                         |   |   |   |   |
| /s/ Robert J. Mollah                                                         |   | Date: | September 24, 2012 |   |
| Robert J. Mollah, Director                                                   |   |   |   |   |
|                                                                         |   |   |   |   |
| /s/ Ronald P. Pettirossi                                                     |   | Date: | September 24, 2012 |   |
| Ronald P. Pettirossi, Director                                               |   |   |   |   |
|                                                                         |   |   |   |   |
| /s/ J. Robinson West                                                         |   | Date: | September 24, 2012 |   |
| J. Robinson West, Director                                                   |   |   |   |   |

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Table of Contents

|            |
|------------|
|            |  |
| EXHIBIT    |   |
| NUMBER     | DESCRIPTION |
| 14.1*      | Code of Conduct of Magellan Petroleum Corporation, as amended July 24, 2012 |
| 21.1*      | Subsidiaries of the Registrant |
| 23.1*      | Consent of Ehrhardt Keefe Steiner & Hottman PC |
| 23.2*      | Consent of Deloitte & Touche LLP |
| 23.3*      | Consent of Allen & Crouch Petroleum Engineers Inc. |
| 23.4*      | Consent of Ryder Scott Company, L.P. |
| 31.1*      | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| 31.2*      | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| 32.1**     | Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 32.2**     | Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 99.1*      | Summary reserves report of Allen & Crouch Petroleum Engineers, Inc. |
| 99.2*      | Summary reserves report of Ryder Scott Company, L.P. |
| 101.INS*** | XBRL Instance Document |
| 101.SCH*** | XBRL Taxonomy Extension Schema Document |
| 101.CAL*** | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF*** | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB*** | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE*** | XBRL Taxonomy Extension Presentation Linkbase Document |
|       |   |
| *          | Filed herewith. |
| **         | Furnished herewith. |
| ***        | To be furnished by amendment.  Users of this data to be submitted electronically are advised pursuant to Rule 406T of Regulation S-T that this interactive data file will not be deemed filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, will not be deemed filed for purposes of section 18 of the Securities Exchange Act of 1934, and otherwise will not be subject to liability under these sections. |