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|         |                                                                                                                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | A significant direct or indirect financial interest in any company that is a Company vendor, competitor, or customer, where the interest could appear to influence decisions with respect to our business or relationship with such company or otherwise influence judgment on our matters. |

|         |                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------|
| • | Serving on the Board of Directors or employment in any capacity with any vendor, competitor, or customer of the Company. |

|         |                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Use of any Company asset for personal advantage.  Examples of such assets include not only equipment, tools, and supplies, but also valuable ideas, technical data, and other confidential information. |

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|         |                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------|
| • | You must not have undisclosed financial interests in any businesses that compete or deal with the Company. |

|         |                                                                |
|---------|----------------------------------------------------------------|
| • | You must not perform services in competition with the Company. |

|         |                                                                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | While you are encouraged to participate in philanthropic, professional, and community organizations, you must ensure that the manner of your participation in a particular organization does not imply the Company's endorsement or sponsorship. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | A full time employee shall obtain the approval of his or her supervisor/manager before serving as a trustee, regent, director, or officer of a philanthropic, professional, national, regional, or community organization or educational institution.  This policy applies where significant time spent in support of these functions may interfere with time that should be devoted to the Company's business. |

|         |                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------|
| • | You must not sell or lease equipment, materials, or property to the Company without appropriate corporate authorization. |

|         |                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------|
| • | Purchases of equipment, materials, property, and services shall be only on terms available to the general public. |

|         |                                                                       |
|---------|-----------------------------------------------------------------------|
| • | You must not use other Company employees to perform non-Company work. |

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|         |                                                                              |
|---------|------------------------------------------------------------------------------|
| • | Information pertaining to drilling programs or wells drilled by the Company. |

|         |                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------|
| • | Information about acquisitions, mergers, or other purchases or sales of oil and gas properties or technology. |

|         |                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------|
| • | Financial information, including historical, current, and projected financial results, unless publicly announced. |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | Information about future plans or changes in the Company's operations. |

|         |                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------|
| • | Information about liquidity, borrowings, securities offerings, or changes in previously disclosed financial information. |

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|         |                        |
|---------|------------------------|
| • | Changes in management. |

|         |                                           |
|---------|-------------------------------------------|
| • | Information about significant litigation. |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | Avoiding discussion of confidential information in public places. |

|         |                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------|
| • | Keeping sensitive documents in secure areas, in envelopes or folders marked "confidential" where appropriate. |

|         |                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------|
| • | Ensuring that documents are not left in non-secure locations such as the photocopy room or at the facsimile machine. |

|         |                                                                                   |
|---------|-----------------------------------------------------------------------------------|
| • | Business transactions of all kinds are executed by employees authorized to do so. |

|         |                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------|
| • | Access to assets of all kinds (e.g., cash, inventory, property, etc.) is permitted only with authorization by appropriate management levels. |

|         |                                                                                                                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Business transactions are reported and recorded as necessary to (a) permit preparation of accurate financial statements and other records in conformity with generally accepted accounting principles and (b) clearly reflect and maintain the responsibility and accountability for assets. |

|         |                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Records identifying the responsibility and accountability for assets are compared with actual assets at reasonable intervals, and appropriate action is taken if there are discrepancies. |

|         |                                                                           |
|---------|---------------------------------------------------------------------------|
| • | All assets and transactions must be recorded in normal books and records. |

|         |                                                                         |
|---------|-------------------------------------------------------------------------|
| • | No unrecorded funds shall be established or maintained for any purpose. |

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|         |                                               |
|---------|-----------------------------------------------|
| • | Records shall not be falsified in any manner. |

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|         |                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------|
| • | Make sure you have all the facts.  In order to reach the right solutions, we must be as fully informed as possible. |

|         |                                                                                                                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Ask yourself: What specifically am I being asked to do? Does it seem unethical or improper? This will enable you to focus on the specific question you are faced with, and the alternatives you may have.  Use your judgment and common sense.  If something seems unethical or improper, it probably is. |

|         |                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Understand each person's individual responsibility and role.  In most situations, there is shared responsibility.  Are your colleagues informed?  It may help to get others involved and discuss the problem. |

|         |                                                                                                                                                                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Discuss the problem with your supervisor/manager or the Chief Financial Officer or General Counsel.  This is the basic guidance for all situations.  In many cases, your supervisor/manager or the Chief Financial Officer or General Counsel will be more knowledgeable about the question and will appreciate being brought into the decision-making process. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Seek help from other Company resources.  In the rare case where it may not be appropriate to discuss an issue with your supervisor/manager or the Chief Financial Officer or General Counsel, or where you do not feel comfortable approaching your supervisor/manager or the Chief Financial Officer or General Counsel with your question, you should discuss it with the Chairman of the Audit Committee.  If that also is not appropriate, call the Chairman of the Board of Directors at (720) 570-3858 and, if appropriate, you will be put in direct contact with the appropriate assistance.  If you prefer to write, address your concerns to: Chairman of the Board of Directors, c/o Magellan Petroleum Corporation, 700 East Ninth Avenue, Suite 200, Denver, CO 80203. |

|         |                                                                                                                                                                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | You may report ethical violations in confidence and without fear of retaliation.  If your situation requires that your identity be kept secret, your anonymity will be protected to the fullest extent practicable, consistent with applicable laws, regulations, and the requirements necessary to conduct a fair, thorough, and effective investigation |

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|         |                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------|
| • | Always ask first, act later:  If you are unsure of what to do in any situation, seek guidance and ask questions before you act. |

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | evaluate the underlying information as to gravity and credibility; |

|         |                                                                  |
|---------|------------------------------------------------------------------|
| • | promptly initiate an informal inquiry or a formal investigation; |

|         |                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------|
| • | prepare a report of the results of such inquiry or investigation, including recommendations as to the disposition of the matter; and |

|         |                                                              |
|---------|--------------------------------------------------------------|
| • | determine and implement the appropriate disciplinary action. |

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