Document:

EXHIBIT 4.8

                              AMENDED AND RESTATED

                              REUTERS AMERICA INC.
                          EMPLOYEE STOCK PURCHASE PLAN

                             EFFECTIVE JUNE 1, 1995;
                 AMENDED AND RESTATED EFFECTIVE AUGUST 23, 1999

<PAGE>

                                     TABLE OF CONTENTS

ARTICLE                                                                     PAGE

I. Purpose of the Plan ......................................................3
IL Definitions ..............................................................4
III.Participation ...........................................................6
IV. Contributions ...........................................................7
V. Accounts .................................................................8
VI. Investment of the Fund ..................................................9
VII. Fees and Expenses ......................................................10
VIII. Vesting, Retirement or
       Termination of Employment ............................................11
IX. Designation of Beneficiary ..............................................13
X. Withdrawals ..............................................................14
XL Administration ...........................................................15
XII. Miscellaneous ..........................................................16
XIII. Amendment and Termination .............................................18

                                       2
<PAGE>

                                    ARTICLE I

                              PURPOSE OF THE PLAN

1.01 The Reuters America Inc. Employee Stock Purchase Plan has been established
to provide Eligible Employees a convenient and systematic method of acquiring a
proprietary interest in the Company's parent corporation, Reuters Group PLC,
through the purchase and ownership of American Depositary Shares representing as
of the date hereof six Ordinary Shares of 25p each in the capital of Reuters
Group PLC through payroll deductions, supplemented by Company matching
contributions, and to provide a mechanism for capital accumulation by such
employees.

1.02 The Plan is not intended to be a plan qualified under Section 401(a) of the
Internal Revenue Code of 1986, as amended, and is not intended to be subject to
the provisions of the Employee Retirement Income Security Act of 1974, as
amended.

                                       3
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                                   ARTICLE II

                                   DEFINITIONS

                  When used herein, the following terms shall have the following
meanings unless the context clearly indicates otherwise:

2.01 "Account" means the Account established and maintained by the Custodian on
behalf of each Participant to record the balance of cash and ADSs, including any
income or other investment return thereon, on behalf of such Participant.

2.02 "American Depositary Shares" or "ADSs" means the American Depositary Shares
of Reuters Group PLC. The ADSs are evidenced by American Depositary Receipts
("ADRs") issued pursuant to a Deposit Agreement, dated as of February 18. 1998,
among Reuters Group PLC, Morgan Guaranty Trust Company of New York, as
Depositary, and the holders from time to time of ADRs.

2.03 "Base Pay" means the basic regular salary as paid by the Company to a
Participant that is in effect for such Participant for the applicable pay period
and shall be determined as of the business day that amounts are withheld from
such Participant's paycheck pursuant to the terms of this Plan.

2.04 "Broker" or "Custodian" means Putnam Fiduciary Trust Company, or such other
broker or custodian subsequently appointed by Reuters America Inc.

2.05 "Code" means the Internal Revenue Code of 1986, as amended.

2.06 "Committee" means the Committee as appointed by Reuters America Inc. to
administer the terms of this Plan for the benefit of the Participants
participating in the Plan.

2.07 "Company" means Reuters America Inc. and those of its subsidiaries and
affiliates as may be designated by the Board of Directors of Reuters America
Inc. from time to time as being eligible to participate in the Plan.

2.08 "Eligible Employee" means any person who on the date in question is an
employee of a "Participating Company" (as such term is defined in the Rules of
the Reuters Group PLC International SAYE Share Option Plan 1997) who:

                  (a) is on a US payroll, or is employed outside the US but is
                      considered US-based for benefits purposes;

                  (b) was actively employed by a Participating Company on
                      December 31 of the year immediately preceding the date in
                      question;

                  (c) is scheduled to work 17.5 hours or more per week;

                  (d) is not actively contributing to the Reuters Group PLC
                      International SAYE Plan 1997; and

                  (e) is not (1) a foreign national on temporary assignment in
                      the US or (2) a person included in a unit of employees
                      covered by a collective

                                       4
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                      bargaining agreement that does not expressly provide for
                      participation in the Plan.

                                       5
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2.09 "Entry Date" means the first day of each calendar quarter or such other
date as set by the Committee.

2.10 "Fund" means all of the assets held by the Custodian under the terms of the
Plan.

2.11 "Matching Contribution" means the Company contribution made to the Plan on
behalf of a Participant on account of such Participant's contribution hereunder.

2.12 "Participant" means any Eligible Employee who participates in the Plan in
accordance with its terms and conditions.

2.13 "Participation Agreement" means an enrollment form executed by an Eligible
Employee under which such Eligible Employee signifies his or her desire to
participate in the Plan and elects to have his or her Base Pay reduced as of
each pay period and to have such amounts applied to this Plan.

2.14 "Plan" or "ESPP" means the Reuters America Inc. Employee Stock Purchase
Plan as set forth in this document and as may be amended from time to time.

2.15 "Plan Year" means a calendar year.

2.16 "Purchase Period" means the period coincident with each pay period of the
Company.

2.17 "Voice Response Unit" or "VRU" means the voice response unit maintained
pursuant to procedures established by the Broker or Custodian.

                                       6
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                                   ARTICLE III

                                  PARTICIPATION

3.01 Each Eligible Employee shall be notified by the Committee of his or her
eligibility to participate and shall be provided with information concerning the
terms and conditions of this Plan as well as forms for enrollment. Any
determination as to eligibility shall be made solely by the Committee and such
determination shall be final.

3.02 Participation in the Plan is voluntary on the part of an Eligible Employee.

3.03 Each Eligible Employee who elects to participate in the Plan shall be
enrolled in the Plan as of the Entry Date following such election upon the
completion of a Participation Agreement authorizing payroll deductions from such
Eligible Employee's paycheck.

3.04 An Eligible Employee who has elected to participate for a Purchase Period
shall automatically continue to participate in the Plan for each successive
Purchase Period under the same terms and conditions that were applicable under
the Participation Agreement relating to the immediately preceding Purchase
Period until the Eligible Employee makes an election to revise payroll
deductions or terminate participation in the Plan or becomes ineligible to
participate. Any such election and authorization shall continue in effect for
each Purchase Period until cancelled by use of the VRU by the Eligible Employee
or until the Eligible Employee becomes ineligible to participate.

3.05 Any Participant who discontinues his or her contributions hereunder shall
remain a Participant until such time as he or she withdraws all funds held in
his or her Account under the terms of the Plan.

                                       7
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                                   ARTICLE IV

                                  CONTRIBUTIONS

4.01 A Participant shall authorize after-tax payroll deductions from such
Participant's paycheck in an amount equal to a minimum of 1% to a maximum of 10%
(in multiples of 1%) of his or her Base Pay to a maximum of $175 per biweekly
pay period (which amount shall stay in effect until changed in the sole
discretion of the Board of Directors of Reuters America Inc.), which deduction
shall be applied, together with the Matching Contribution, to the purchase of
ADSs pursuant to the terms of this Plan.

4.02 A Participant may, at any time, either increase, decrease or stop (to any
whole percentage of his or her Base Pay between 1% and 10%, inclusive) his or
her contributions through payroll deduction by use of the VRU prior to the next
payroll date. Such change shall be effective as of the first available Purchase
Period thereafter.

4.03 The Company shall contribute, as a Matching Contribution, an amount equal
to twenty (20%) percent of the payroll deduction which each Participant
authorizes to be withheld from his or her Base Pay. Each Matching Contribution
shall be contributed by the Company and allocated to the Account of a
Participant at the same time that the Participant's contribution is paid to the
Plan.

4.04 The amount of the Matching Contribution may be changed at any time in the
sole discretion of the Board of Directors of the Reuters America Inc., provided
that such change shall not apply until the first full Purchase Period after
Participants have been notified of the change by the Committee.

4.05 All payroll deductions made pursuant to the Plan shall be transmitted by
the Company to the Custodian as soon as administratively practicable following a
Purchase Period. Such amounts shall be credited to a Participant's Account under
the Plan and shall be applied by the Broker to purchase ADSs for each
Participant's Account.

                                       8
<PAGE>

                                    ARTICLE V

                                    ACCOUNTS

5.01 The Committee shall establish and maintain a separate Account for each
Participant in the Plan. The records of such Account shall identify all
Participant contributions and Matching Contributions allocated to such
Participant's Account, and all income, loss, dividends or other investment
return or capital gain or loss incurred by the Fund on behalf of such
Participant in each Plan Year. Such records will include all funds received, the
price and number of full and fractional shares credited, and any dividends
received. The Broker will keep a record of all Participants. Periodically, but
not less frequently than quarterly, the Broker shall send to each Participant a
statement of such Participant's Account under the Plan.

5.02 The Broker will hold and act as custodian of ADSs purchased and any other
assets maintained pursuant to the Plan. Absent instructions to the contrary from
a Participant, ADRs for ADSs purchased will not be delivered by the Broker to a
Participant.

                                       9
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                                   ARTICLE VI

                             INVESTMENT OF THE FUND

6.01 A Fund shall be established by the Custodian and all contributions
including Participant's contributions, Matching Contributions and cash dividends
shall be paid into the Fund. All investment earnings shall accrue to the
Participants according to the provisions of Article V.

6.02 All contributions to the Fund, including Matching Contributions, shall be
invested as provided in this Article VI by the Broker as soon as practicable
following the receipt of such contributions.

6.03 The Broker shall purchase ADSs for the Participants' Accounts in
transactions on the NASDAQ/NMS at the market prices available thereon.

6.04 All ADSs purchased under the Plan will be retained by the Custodian and
will be credited to the Account of each Participant in proportion to the funds
credited to such Account.

6.05 Cash dividends paid on ADSs credited to an Account shall be automatically
reinvested in additional ADSs at no charge to the Participant who has been
credited with such cash dividends. Cash dividends will be paid directly to any
Participant if such Participant has instructed the Broker to have the ADSs
registered in his or her name.

6.06 Except as otherwise provided in Section 6.05, the Broker shall apply cash
dividends received and credited to Participant Accounts towards the purchase of
ADSs by aggregating such amounts with any payroll deductions and Matching
Contributions already deposited in a Participant's Account, and purchasing ADSs
as provided in this Plan.

6.07 Upon request of the Broker, a certificate will be issued to the Participant
for any full ADSs held in such Participant's Account. Also, if requested,
fractional ADSs credited to a Participant's Account, if any, shall be aggregated
with other Participants' fractional ADSs into whole ADSs and sold by the Broker
in transactions on the NASDAQ/NMS and the proceeds of such sale will be paid to
the Participant in cash.

6.08 A Participant may sell some or all of the ADSs held in such Participant's
Account, from time to time, through the Broker, in which case the Broker will be
acting as the Participant's broker solely on his or her behalf. The Company
assumes no responsibility in connection with such transactions, and all
commissions, servicing fees, charges or other expenses of such sales shall be
borne directly by the Participant as provided in the Plan.

                                       10
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                                   ARTICLE VII

                                FEES AND EXPENSES

7.01 The Company shall pay brokerage commissions, fees and service charges
incurred for purchases of ADSs made under the Plan.

7.02 All commissions, fees, service charges and expenses in connection with
sales of whole or fractional ADSs not made through the Plan will be paid
directly by the Participant in connection with such transactions. In addition,
any commissions, fees, service charges or expenses charged by the Broker in
connection with a Participant's request to have certificates representing ADSs
registered in the Participant's name or if ADSs are sold while he or she is a
Participant under the Plan shall be charged directly to the Participant.

7.03 Upon a Participant's withdrawal from the Plan upon termination of
employment, if the Participant's Account is maintained thereafter as an
individual account with the Broker, all commissions, fees, service charges and
expenses relating to such account will be the direct responsibility of the
former Participant or his or her beneficiary.

7.04 No interest shall accrue on any cash held in a Participant's Account.

                                       11
<PAGE>

                                  ARTICLE VIII

                VESTING, RETIREMENT OR TERMINATION OF EMPLOYMENT

8.01 A Participant shall be fully vested at all times in the amounts accumulated
in his or her Account.

8.02 Upon termination of employment, a Participant shall be required to withdraw
all ADSs or other amounts accumulated in his or her Account under the Plan and
shall direct the Broker as to whether ADSs shall be converted to the
individual's name and maintained in an individual account outside the Plan or
whether such ADSs shall be sold and the proceeds distributed in cash.

8.03 If the Participant elects to receive the value of his Account in cash, the
amount payable shall be determined by the Broker, and shall be based upon the
proceeds of the sale of such Participant's ADSs at the market price obtainable
in transactions on the NASDAQ/NMS less any applicable commissions, fees and
service charges. The Broker shall take such action as soon as practicable after
receipt of notification from the Participant. The amount thus determined shall
be paid in a lump sum to the Participant.

8.04 Upon payment of the entire balance of the Participant's Account to the
Participant by delivery of ADRs or cash, such Account shall be cancelled.

8.05 A Participant who dies or whose employment is terminated for any reason
(whether voluntarily or involuntarily, and with or without cause) shall
immediately cease to be a Participant, whereupon the amounts deducted from his
or her pay which have not been applied pursuant to the terms of this Plan shall
be returned to the Participant or to his or her beneficiary or estate, as
applicable, without interest.

8.06 Upon the death of a Participant, in the event there is a surviving
beneficiary as provided in Article IX, the Committee shall direct the Broker to
transfer such Participant's Account to an individual account for the benefit of
such beneficiary. Upon notification by the Committee of such transfer, the
beneficiary shall direct the Broker as to all matters concerning such individual
account and all commissions, fees, service charges and expenses relating to such
account shall be borne by the beneficiary thereafter.

8.07 Upon the death of a Participant, in the event there is either no
beneficiary designated or no surviving beneficiary, the Committee shall direct
the Broker to liquidate such Participant's Account and to distribute the
proceeds, less any applicable commissions, fees, service charges and expenses,
to the Participant's estate as soon as administratively possible.

8.08 If within ninety (90) days after termination of employment a Participant
shall not have notified the Broker of his election as set forth herein, the
Committee shall direct the Broker to have Morgan Guaranty Trust Company of New
York, as Depositary, deliver ADRs registered in the name of such Participant to
such Participant's last known address.

                                       12
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                                   ARTICLE IX

                           DESIGNATION OF BENEFICIARY

9.01 A Participant shall, by written notice to the Committee, designate a person
or persons to receive the benefit payable on his or her death under the Plan. A
Participant may, by written notice to the Committee during employment, alter or
revoke such designation from time to time, subject always to the provisions of
any law governing the designation of beneficiaries from time to time in force
which may apply to such individual. Such written notice shall be in such form
and shall be executed in such manner as the Committee in its discretion may from
time to time determine.

9.02 If on the death of a Participant, there shall be no designated beneficiary,
or if the person designated by the Participant as his or her beneficiary should
not be living, any benefit that may be payable on or after his or her death
shall be paid to the individual's estate.

                                       13
<PAGE>

                                    ARTICLE X

                                   WITHDRAWALS

10.01 At any time in each Plan Year a Participant may withdraw from
participation in the Plan by use of the VRU of the Broker by electing to cease
contributions thereafter and requesting a full liquidation of the ADSs in his
Account, and such Participant's participation therein shall cease. Unless the
Participant elects otherwise, ADRs evidencing full ADSs credited to such
Participant's Account shall be registered in the name of the Participant, at the
Participant's expense. The Broker shall, in accordance with VRU instructions
from the Participant, (i) send such ADRs to the Participant, (ii) retain such
ADRs in an individual account for the benefit of the Participant, in which case
the Participant shall bear all expenses after such withdrawal from the Plan, or
(iii) sell the ADSs evidenced by such ADRs and send the Participant the
resulting proceeds, less commissions, fees, service charges, expenses and other
charges.

                                       14
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                                   ARTICLE XI

                                 ADMINISTRATION

11.01 The Plan shall be administered by a Committee appointed by Reuters America
Inc. Such Committee shall consist of such members as shall be determined by the
Board of Directors of Reuters America Inc. and confirmed to the Custodian.
Reuters America Inc. shall advise the Custodian of any changes in the membership
of the Committee.

11.02 The Committee shall establish rules for the administration of the Plan,
and shall advise the Custodian on matters of interpretation of the terms of the
Plan.

11.03 The Committee shall furnish an explanation in writing to each Participant
of the terms and conditions of the Plan and amendments thereto together with an
explanation of the rights and duties of such Participant under the terms and
conditions of the Plan.

11.04 The Committee shall take such action as shall be necessary to ensure that
the Plan complies with all applicable federal and state regulations, including
federal and state securities laws.

                                       15
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                                   ARTICLE XII

                                  MISCELLANEOUS

12.01 A Participant shall direct the Custodian as to how to vote the full ADSs
credited to his Account. The aggregate number of remaining ADSs representing
fractional ADSs under all Participants' Accounts shall be voted by the Committee
in its sole discretion.

12.02 A Participant's right to purchase ADSs under the Plan are exercisable,
during his or her lifetime, only by such individual and may not be pledged,
assigned or transferred in any manner other than by will or the laws of descent
and distribution. Any attempt to pledge, assign or transfer such rights shall be
void and shall automatically cause any purchase rights held by the Participant
to be terminated. In such event, the Committee shall direct the Broker to have
Morgan Guaranty Trust Company of New York, as Depositary, deliver ADRs
registered in the name of such Participant to such Participant's last known
address and/or may refund in cash, without interest, all amounts credited to the
Account of such Participant.

12.03 ADSs may be registered in the name of the Participant, or, if he or she so
designates, in his or her name jointly with his or her spouse, with a right of
survivorship.

12.04 The Plan shall not be deemed to constitute a contract of employment
between the Company and any Participant, nor shall it interfere with the right
of the Company to terminate any Participant and treat him or her without regard
to the effect which such treatment might have upon such Participant under the
Plan.

12.05 The Company shall withhold from amounts to be paid to the Participant as
wages, any applicable Federal, state or local withholding or other taxes which
it is from time to time required by law to withhold on account of Matching
Contributions.

12.06 The Company may direct the Broker to delay the delivery of any ADR
registered in the name of a Participant or beneficiary if it determines that
listing, registration or qualification of the ADSs evidenced thereby upon
NASDAQ/NMS or any national securities exchange or under any state or federal
law, or the consent or approval of any governmental regulatory body, is
necessary or desirable as a condition of, or in connection with, the sale or
purchase of ADSs under the Plan, until such listing, registration,
qualification, consent or approval shall have been effected or obtained, or
otherwise provided for, free of any conditions not acceptable to the Company.

12.07 The Broker shall be an "agent independent of the issuer" within the
meaning of Rule 10b-18 under the Securities Exchange Act of 1934, as amended,
and neither Reuters America Inc. nor any of its subsidiaries or affiliates shall
(subject to the provisions in paragraph (a)(6)(ii) thereof) exercise any direct
or indirect control or influence over the times when, or the prices at which,
the Broker may purchase ADSs for the Plan, the amounts of ADSs to be purchased,
the manner in which the ADSs are to be purchased, or the selection of a broker
or dealer other than the Broker itself through which purchases may be executed.

12.08 The Plan shall be governed by, and construed in accordance with, the laws
of the

                                       16
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State of New York and without regard to the conflict of laws principles of such
state.

                                       17
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                                  ARTICLE XIII

                            AMENDMENT AND TERMINATION

13.01 The Board of Directors of Reuters America Inc. may at any time terminate
or amend the Plan in any respect in its sole discretion.

13.02 The Plan and all rights of Participants to purchase any ADSs hereunder
shall terminate at the earlier of the conclusion of the last Purchase Period
authorized herein, or as otherwise determined by and at the discretion of the
Company.

13.03 Upon termination of the Plan, ADRs shall be delivered to Participants, and
cash, if any, remaining in the Accounts of the Participants, shall be refunded
to them, as if the Plan were terminated at the end of a Purchase Period.

13.04 Upon termination of the Plan, the Participant may elect that the balance
of his Account be paid to him or her in accordance with the provisions set forth
herein or as otherwise provided by the Committee.

13.05 No amendments to this Plan which affects the responsibilities or duties of
the Broker shall be effective without the agreement and approval of the Broker.

                                       18<PAGE>

                                                                  Exhibit 10 (t)

Magellan Petroleum Australia Limited

Magellan Petroleum Corporation

LOAN AGREEMENT

Ref: GTS 9032395
(C) Corrs Chambers Westgarth

<PAGE>
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                                                                               .

Contents

<TABLE>
<S>                                                                   <C>
1  INTERPRETATION                                                     1
   1.1  Definitions                                                   1
   1.2  Construction                                                  2

2  CONDITIONS PRECEDENT                                               3
   2.1  Conditions precedent                                          3
   2.2  Satisfaction of conditions precedent                          3

3  LOAN                                                               3

4  INTEREST                                                           3
   4.1  Payment and rate                                              3
   4.2  Computation                                                   3
   4.3  Capitalisation                                                3
   4.4  Merger                                                        4

5  REPAYMENT AND PREPAYMENT                                           4
   5.1  Repayment                                                     4
   5.2  Prepayment                                                    4

6  PAYMENTS                                                           4
   6.1  Place, manner and time of payment                             4
   6.2  Withholding and other Taxes                                   4
   6.3  Appropriation                                                 4

7  REPRESENTATIONS AND WARRANTIES                                     5
   7.1  Nature                                                        5
   7.2  General                                                       5

8  EVENTS OF DEFAULT                                                  6
   8.1  Nature                                                        6
   8.2  Acceleration                                                  7

9  COSTS AND EXPENSES                                                 7
   9.1  Reimbursement of costs and expenses                           7
   9.2  Taxable supply                                                7
   9.3  Adjustment events                                             7
   9.4  Payments                                                      7
   9.5  GST terminology                                               8

10 GENERAL                                                            8
   10.1 Financier's determination and certificate                     8
   10.2 Supervening legislation                                       8
   10.3 Business days                                                 8
   10.4 Amendment                                                     8
   10.5 Waiver and exercise of rights                                 8
   10.6 Approval and consent                                          9
   10.7 Assignment                                                    9
</TABLE>

                                                                          page i

<PAGE>

<TABLE>
<S>                                                                   <C>
10.8   Counterparts                                                   9
10.9   Governing law and jurisdiction                                 9
10.10  Joint and several liability                                    9
10.11  Notices                                                        9
</TABLE>

                                                                         page ii

<PAGE>

      DATE

      Parties

      MAGELLAN PETROLEUM AUSTRALIA LIMITED ACN 009 728 581 of Level 10, 145
      Eagle Street, Brisbane, Queensland (COMPANY)

      MAGELLAN PETROLEUM CORPORATION a company incorporated in the State of
      Delaware, United States of America, of 10 Columbus Boulevard, Hartford,
      Connecticut, United States of America (FINANCIER)

      Agreed terms

1     Interpretation

1.1   DEFINITIONS

      In this document:

      BASE RATE means, in relation to an Interest Period:

      (a)   the rate (expressed as a rate per centum per annum) being the
            arithmetic average of the rates rounded to the nearest two decimal
            places quoted to the Company on the First Business Day of the
            Interest Period by each of National Australia Bank, Australia and
            New Zealand Banking Group Limited and Suncorp-Metway Limited as the
            rate which they would be prepared to pay in respect of 30 day term
            deposits of an amount similar to the amount of the Principal;

      (b)   if one or more but not all of the banks referred to in paragraph (a)
            do not quote those rates, the rate will be determined on the basis
            of the quotations of the quoting banks; or

      (c)   if:

            (i)   all of the banks referred to in paragraph (a) do not quote
                  those rates,

            the Base Rate will be the rate per centum per annum reasonably
            determined by the Financier having regard to other bases and rates
            quoted by other Australian banks which the Financier determines to
            be as near as practicable to the bases used to determine the rate in
            paragraph (a).

                                                                          page 1
<PAGE>

      BUSINESS DAY means a day which is not a Saturday, Sunday or bank or public
      holiday in Brisbane.

      DRAWDOWN DATE means the date agreed to between the Company and the
      Financier and on which the Principal is advanced by the Financier to the
      Company.

      EVENT OF DEFAULT means any event or circumstance described in CLAUSE 8.1.

      INTEREST PAYMENT DATE means the last day of each period of 1 year which
      ends during the period from the Drawdown Date until the Repayment Date and
      with the final Interest Payment Date being the Repayment Date.

      INTEREST PERIOD means each successive period of 1 year from the Drawdown
      Date.

      INTEREST RATE means the Base Rate less 0.25% per annum.

      MATERIAL ADVERSE EFFECT means a material adverse effect on either:

      (a)   the ability of the Company to comply with its obligations under this
            document; or

      (b)   the effectiveness or enforceability of this document.

      OUTSTANDING PRINCIPAL means so much of the Principal as remains unrepaid
      from time to time.

      PRINCIPAL means $5,365,000.00.

      REPAYMENT DATE means the date being 5 years from the Drawdown Date.

      SECURITY INTEREST means any interest or right which secures the payment of
      a debt or other monetary obligation or the compliance with any other
      obligation.

      TAX means a tax (including any tax in the nature of a goods and services
      tax), rate, levy, impost or duty (other than a tax on the net overall
      income of the Financier) and any interest, penalty, fine or expense
      relating to any of them.

1.2   CONSTRUCTION

      Unless expressed to the contrary, in this document:

      (a)   words in the singular include the plural and vice versa;

      (b)   any gender includes the other genders;

      (c)   if a word or phrase is defined its other grammatical forms have
            corresponding meanings;

      (d)   a reference to:

            (i)   a person includes a partnership, joint venture, unincorporated
                  association, corporation and a government or statutory body or
                  authority; and

            (ii)  a person includes the person's legal personal representatives,
                  successors, assigns and persons substituted by novation; and

      (e)   "$" or "dollars" is a reference to Australian currency.

                                                                          page 2
<PAGE>

2     Conditions precedent

2.1   CONDITIONS PRECEDENT

      The obligation of the Financier to lend the Principal is subject to the
      conditions precedent that:

      (a)   the representations and warranties set out in CLAUSE 7.1 are correct
            and not misleading as at the Drawdown Date; and

      (b)   no Event of Default or potential Event of Default subsists as at the
            Drawdown Date.

2.2   SATISFACTION OF CONDITIONS PRECEDENT

      The Company must use its best endeavours to satisfy the conditions
      precedent.

3     Loan

      (a)   Subject to CLAUSE 2, the Financier must lend the Principal to the
            Company on the Drawdown Date.

      (b)   The Company must only use the Principal for purposes of its working
            capital, investment on the short term money market or such other
            purposes agreed to in writing by the Financier.

4     Interest

4.1   PAYMENT AND RATE

      The Company must pay interest on the Outstanding Principal and any
      interest capitalised under clause 4.3(a) and such interest must be paid on
      each Interest Payment Date. Interest is payable at the Interest Rate.

4.2   COMPUTATION

      Interest will:

      (a)   accrue from day to day;

      (b)   be computed from and including the day when the money on which
            interest is payable becomes owing to the Financier by the Company
            until but excluding the day of payment of that money; and

      (c)   be calculated on the actual number of days elapsed on the basis of a
            365 day year.

4.3   CAPITALISATION

      (a)   The Financier may capitalise, on a monthly or such other periodical
            basis as the Financier determines, any part of any interest which
            becomes due and payable and is not paid on its due date.

      (b)   Interest is payable in accordance with this document on capitalised
            interest.

                                                                          page 3
<PAGE>

4.4   MERGER

      If the liability of the Company to pay to the Financier any money payable
      under this document becomes merged in any deed, judgment, order or other
      thing, the Company must pay interest on the amount owing from time to time
      under that deed, judgment, order or other thing at the higher of the rate
      payable under this document and that fixed by or payable under that deed,
      judgment, order or other thing.

5     Repayment and prepayment

5.1   REPAYMENT

      The Company must, subject to CLAUSE 8.2, repay the Outstanding Principal
      to the Financier on the Repayment Date.

5.2   PREPAYMENT

      The Company must not prepay the Principal or any part of it except with
      the prior written consent of the Financier, which consent may be given on
      terms.

6     Payments

6.1   PLACE, MANNER AND TIME OF PAYMENT

      The Company must make payments to the Financier under this document:

      (a)   at a place and in a manner reasonably required by the Financier;

      (b)   by 11.00 am local time in the place where payment is required to be
            made; and

      (c)   in immediately available funds and without set-off, counter claim,
            condition or, unless required by law, deduction or withholding.

6.2   WITHHOLDING AND OTHER TAXES

      If the Company is required by law to deduct or withhold Taxes from any
      payment it must:

      (a)   make the required deduction and withholding;

      (b)   pay the full amount deducted or withheld in accordance with the
            relevant law;

      (c)   deliver to the Financier the original receipt for each payment; and

      (d)   make the payment to the Financier net of any deduction or
            withholding under clause 6.2(a).

6.3   APPROPRIATION

      The Financier may appropriate any payment towards the satisfaction of any
      money due for payment by the Company in relation to this document in any
      way that the Financier thinks fit and despite any purported appropriation
      by the Company.

                                                                          page 4
<PAGE>

7     Representations and warranties

7.1   NATURE

      The Company represents and warrants that:

      (a)   DULY INCORPORATED: it is duly incorporated in accordance with the
            laws of its place of incorporation, validly exists under those laws
            and has the capacity to sue or be sued in its own name and to own
            its property and conduct its business as it is being conducted;

      (b)   CAPACITY: it has capacity unconditionally to execute and deliver and
            comply with its obligations under this document;

      (c)   BINDING OBLIGATIONS: this document constitutes the valid and legally
            binding obligations of the Company and is enforceable against it by
            the Financier in accordance with its terms;

      (d)   NO CONTRAVENTION: the unconditional execution and delivery of, and
            compliance with its obligations by the Company under, this document
            do not contravene:

            (i)   any law or directive from a government body;

            (ii)  its constituent documents;

            (iii) any agreement or instrument to which it is a party; or

            (iv)  any obligation of the Company to any other person;

      (e)   NO PROCEEDING: except as notified to the Financier in writing before
            the date of this document, no litigation or arbitration is current,
            pending or, to the knowledge of the Company, threatened, which has
            or the adverse determination of which would be likely to have a
            Material Adverse Effect;

      (f)   NO TRUST: except as notified to the Financier in writing before the
            date of this document, it does not enter into this document as
            trustee of any trust; and

      (g)   NO DEFAULT: no Event of Default or potential Event of Default
            subsists.

7.2   GENERAL

      (a)   The Company acknowledges that the Financier enters into this
            document in reliance on the representations and warranties.

      (b)   Each representation and warranty survives the execution of this
            document and is deemed repeated with reference to the facts and
            circumstances on each day that money is owing (actually or
            contingently) by the Company to the Financier under this document.

                                                                          page 5
<PAGE>

8     Events of Default

8.1   NATURE

      Each of the following is an Event of Default (whether or not caused by
      anything outside the control of the Company):

      (a)   NON-PAYMENT: the Company does not pay any money due for payment by
            it under this document in accordance with this document;

      (b)   VOID DOCUMENT this document is void, voidable or otherwise
            unenforceable by the Financier or is claimed to be so by the
            Company;

      (c)   CESSATION OF BUSINESS: the Company ceases or threatens to cease to
            carry on its business or a substantial part of its business;

      (d)   ENFORCEMENT OF OTHER SECURITY: a person who holds a Security
            Interest over property of the Company becomes entitled to exercise a
            right under that Security Interest against the property to recover
            any money the payment of which is secured by that Security Interest
            or enforce any other obligation the compliance with which is secured
            by it;

      (e)   INSOLVENCY:

            (i)   the Company is or states that it is unable to pay from its own
                  money all its debts as and when they become due and payable;

            (ii)  the Company is taken or must be presumed to be insolvent or
                  unable to pay its debts under any applicable legislation;

            (iii) an application or order is made for the winding up or
                  dissolution of the Company or a resolution is passed or any
                  steps are taken to pass a resolution for its winding up or
                  dissolution;

            (iv)  an administrator, provisional liquidator, liquidator or person
                  having a similar or analogous function under the laws of any
                  relevant jurisdiction is appointed in respect of the Company
                  or any action is taken to appoint any such person and the
                  action is not stayed, withdrawn or dismissed within seven
                  days;

            (v)   a controller is appointed in respect of any property of the
                  Company;

            (vi)  the Company is deregistered under the Corporations Act 2001 or
                  notice of its proposed deregistration is given to the Company;

            (vii) the Company enters into or takes any action to enter into an
                  arrangement (including a scheme of arrangement or deed of
                  company arrangement), composition or compromise with, or
                  assignment for the benefit of, all or any class of its
                  creditors or members or a moratorium involving any of them;

                                                                          page 6
<PAGE>

8.2   ACCELERATION

      If an Event of Default subsists the Financier may at any time by notice to
      the Company do either or both of the following:

      (a)   not lend the Principal if it has not already been lent;

      (b)   make the Outstanding Principal, any unpaid accrued interest or fees
            and any other money owing by the Company to the Financier in
            relation to this document immediately due for payment.

9     Costs and expenses

9.1   REIMBURSEMENT OF COSTS AND EXPENSES

      The Company must on demand pay and if paid by the Financier reimburse to
      the Financier:

      (a)   the Financier's costs and expenses (including legal costs and
            expenses on a full indemnity basis) in relation to the exercise or
            attempted exercise or the preservation of any rights of the
            Financier under this document; and

      (b)   any Taxes (but not including any Taxes paid or deducted or required
            to be paid or deducted under clause 6.2) and registration or other
            fees (including fines and penalties relating to the Taxes and fees)
            which are payable in relation to this document or any transaction
            contemplated by it.

9.2   TAXABLE SUPPLY

      (a)   If GST is payable by the Financier on any supply made under this
            document the Company must pay to the Financier an amount equal to
            the GST payable on the supply.

      (b)   That amount must be paid at the same time that the consideration for
            the supply is to be provided under this document and must be paid in
            addition to the consideration expressed elsewhere in this document.

      (c)   On receiving that amount from the Company, the Financier must
            provide the Company with a tax invoice for the supply.

9.3   ADJUSTMENT EVENTS

      If an adjustment event arises in respect of any supply made by the
      Financier under this document, a corresponding adjustment must be made
      between the Financier and the Company in respect of any amount paid to the
      Financier by the Company under CLAUSE 9.2 and payments to give effect to
      the adjustment must be made.

9.4   PAYMENTS

      If the Company is required under this document to pay for or reimburse an
      expense or outgoing of the Financier or is required to make a payment
      under

                                                                          page 7
<PAGE>

      an indemnity in respect of an expense or outgoing of the Financier, the
      amount to be paid by the Company is the sum of:

      (a)   the amount of the expense or outgoing less any input tax credit in
            respect of that expense or outgoing that the Financier is entitled
            to; and

      (b)   if the Financier's recovery from the Company is in respect of a
            taxable supply, an amount equal to the GST payable by the Financier
            in respect of that recovery.

9.5   GST TERMINOLOGY

      The terms "adjustment event", "consideration", "GST", "input tax credit",
      "supply", "taxable supply" and "tax invoice" each has the meaning which it
      is defined to have in the A New Tax System (Goods and Services Tax) Act
      1999.

10    General

10.1  FINANCIER'S DETERMINATION AND CERTIFICATE

      (a)   A certificate by the Financier relating to this document is, in the
            absence of manifest error, conclusive evidence against the Company
            of the matters certified.

      (b)   The Financier is not obliged to give the reasons for its
            determination or opinion in relation to any matter under this
            document.

10.2  SUPERVENING LEGISLATION

      Any present or future legislation which operates to lessen or vary in
      favour of the Company any of its obligations in connection with this
      document or to postpone, stay, suspend or curtail any rights of the
      Financier under this document is excluded except to the extent that its
      exclusion is prohibited or rendered ineffective by law.

10.3  BUSINESS DAYS

      If the day on which anything, excluding a payment, is to be done by the
      Company under this document is not a business day, that thing must be done
      on the preceding business day.

10.4  AMENDMENT

      This document may only be varied or replaced by a document executed by the
      parties.

10.5  WAIVER AND EXERCISE OF RIGHTS

      (a)   A right in favour of the Financier under this document, a breach of
            an obligation of the Company under this document or the occurrence
            of an Event of Default can only be waived by an instrument duly
            executed by the Financier. No other act, omission or delay of the
            Financier will constitute a waiver, binding, or estoppel against,
            the Financier.

                                                                          page 8
<PAGE>

      (b)   A single or partial exercise or waiver by the Financier of a right
            relating to this document will not prevent any other exercise of
            that right or the exercise of any other right.

10.6  APPROVAL AND CONSENT

      The Financier may conditionally or unconditionally give or withhold any
      consent to be given under this document and is not obliged to give its
      reasons for doing so.

10.7  ASSIGNMENT

      (a)   The Company must not assign or otherwise dispose of any right under
            this document without the written consent of the Financier.

      (b)   The Financier's rights under this document are assignable.

10.8  COUNTERPARTS

      This document may consist of a number of counterparts and, if so, the
      counterparts taken together constitute one document.

10.9  GOVERNING LAW AND JURISDICTION

      This document is governed by and will be construed in accordance with the
      laws applicable in Queensland and the parties irrevocably and
      unconditionally submit to the non-exclusive jurisdiction of those courts.

10.10 JOINT AND SEVERAL LIABILITY

      Where two or more parties comprise the Company:

      (a)   a reference to the Company includes each and any two or more of
            them; and

      (b)   the obligations on the part of the Company bind them jointly and
            severally.

10.11 NOTICES

      (a)   In addition to any other lawful means, a notice, demand,
            certification or other communication relating to this document may
            be given by:

            (i)   being personally served on a party; or

            (ii)  being left at, or sent by pre-paid ordinary mail to, the
                  party's address as specified in this document,

            and it will be deemed received, if posted, three business days after
            posting.

      (b)   The particulars for delivery of notices are initially:

            COMPANY:

            Address:   Level 10, 145 Eagle Street, Brisbane, Queensland, 4000

            Fax:       (07) 3832 6411

            Attention: Joe Morfea (Finance Manager)

                                                                          page 9
<PAGE>

            FINANCIER:

            Address:   10 Columbus Boulevard, Hartford, Connecticut, 06106
                       United States of America

            Fax:       +1 860 293 2349

            Attention: Dan Samela (President)

      (c)   Each party may change its particulars for delivery of notices by
            notice to each other party.

EXECUTED as an agreement

EXECUTED by MAGELLAN PETROLEUM               )
AUSTRALIA LIMITED ACN 009 728 581            )

  /s/ A.E. de Norbury Rogers
------------------------------
A.E. de Norbury Rogers, Director

  /s/ Bruce McInnes
--------------------------------
Bruce McInnes, Secretary/Director

EXECUTED by MAGELLAN PETROLEUM               )
CORPORATION                                  )

  /s/ DANIEL J. SAMELA
---------------------------------------
   Daniel J. Samela, President

                                                                         page 10

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