Document:

Employment Agreement

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

THIS AGREEMENT is made and entered into as of the
2nd day of August 2010 (the “Effective Date”),
between and among MAGELLAN PETROLEUM CORPORATION, a Delaware corporation (“Magellan” or “the Company”) and Antoine J. Lafargue an individual residing at 14222 Jade Cove Drive, Houston, TX 77077 (the “Executive”).

 W I T N E S S E T H 

WHEREAS, the Executive will be based at the Brisbane, Australia office of Magellan Petroleum Australia Limited, the Company’s
wholly-owned Australian subsidiary (“MPAL”) and work for the Company and/or MPAL as determined by the Company; 

WHEREAS, the Company wishes to appoint the Executive as the new Chief Financial Officer and Treasurer of the Company, effective as of
August 2, 2010; 
 WHEREAS, the Company and the Executive (the “Parties”) intend that the Executive will relocate
to the Portland, Maine area and commence formal employment with the Company on October 1, 2010 (the “U.S. Employment Date”); and 

WHEREAS, the Parties desire to enter into this agreement (the “Agreement”) setting forth the terms and conditions of the
Executive’s employment; and 
 WHEREAS, the Parties are also entering into two non-qualified stock option award agreements
(the “Option Agreements”) and an indemnification agreement (the “Indemnification Agreement”), each dated as of the date hereof; 

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the
Parties, intending to be legally bound, agree as follows: 
 1. Employment. 

1.1 Employment; Contingency. The Company and/or MPAL hereby agree to employ the Executive as of the Effective Date, and the
Executive hereby accepts employment with the Company and/or MPAL in the positions described below in Section 2.1, in accordance with the terms and provisions of this Agreement; provided however, that if: (a) the Executive does not
obtain an H-1B work visa so that the Executive may lawfully commence employment with the Company in the United States as of the U.S. Employment Date; or (b) the Executive elects for any other reason not to commence work in Portland, ME on the
U.S. Employment Date; then either party may immediately terminate this Agreement. In the event of a termination under this Section 1.1, this Agreement shall be of no further force or effect, the Executive shall be entitled to receive only the
amounts described in Section 6.3(b) hereof. 
 1.2 Term. The term of this Agreement (the “Initial Term”)
shall be the period commencing on the Effective Date and ending on the earlier of: (a) August 2, 2013; or (b) the date of termination of the Executive’s employment pursuant to Sections 6, 7 or 8 below,

 
whichever is applicable. However, if not terminated earlier than August 2, 2013 in accordance with the provisions of Sections 6, 7 or 8 below, the Term of this Agreement shall automatically
renew for one or more successive two-year periods (each, a “Renewal Term”) unless in each case at least six (6) months prior to the end of the Initial Term or Renewal Term, as the case may be, either the Company or the Executive has
provided written notice to the other party electing to permit this Agreement to terminate on the last day of the Initial Term or Renewal Term, as the case may be. Upon termination of this Agreement for any reason (including a party’s written
notice electing not to renew the Agreement delivered to the other party under this Section 1.2), the obligations of the Company under this Agreement shall cease and Employee shall forfeit all right to receive any compensation or other benefits
under this Agreement, except the amounts payable under Sections 1.1, 6, 7 or 8 and 12 of this Agreement, as applicable. 
 1.3
Immigration Matters. 
 (a) Executive acknowledges and agrees that the Company has submitted to the U.S. Citizenship and
Immigration Service (“USCIS”) an H-1B visa application related to the Executive’s employment by the Company in the United States as of the U.S. Employment Date (the “Visa Application”) and that the USCIS has sent the Company
the written notice of approval of the Visa Application. 
 (b) Should the Company decide to continue the Executive’s
employment under this Agreement beyond the end of the Initial Term, the Company shall take all steps necessary to extend the nonimmigrant visa status of the Executive for the Renewal Term (with the Company responsible for paying only
attorney’s fees, filing fees and out-of-pocket expenses related to the extension-of-status and the non-immigrant visa application process for the Executive and the Executive responsible for the payment of all relevant fees on behalf of his
dependents). 
 (c) Nothing in this Section 1.3 shall be construed as a promise or a guarantee by the Company:
(i) that the Company will continue the Executive’s employment, which shall at all times remain subject to the terms and conditions of this Agreement, the Executive’s performance of his duties hereunder, and the Executive’s
compliance with applicable personnel policies of the Company; or (ii) that an application for an extension of the Executive’s H-1B nonimmigrant visa status under subsection (b) above will be ultimately approved by the USCIS.

 2. Duties. 

2.1 Offices. 

(a) Beginning on the Effective Date, the Company and/or MPAL (as determined by the Company) shall employ Executive in such capacities as
may be mutually agreeable by the Parties at the Brisbane, Australia office of MPAL. No later than the U.S. Employment Date, the Executive shall be appointed to serve as the Company’s Chief Financial Officer and Treasurer. The Executive shall
report directly to the Company’s President and Chief Executive Officer (“CEO”) and shall have such duties as are appropriate to his positions with the Company, and will have such authority as required to enable the Executive to
perform these duties. Consistent with the foregoing, the Executive shall comply with all reasonable instructions of the President and CEO and of the Board of Directors of the Company (the “Board”). 

 

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 (b) It is the intention of the Parties that during the Term hereof the Executive will serve
in the capacities described in Section 2.1(a) hereof and will devote substantially all of his business time and attention and best efforts to the affairs of the Company and its subsidiaries and the performance of his duties. Nothing in this
Agreement, however, shall prevent the Executive from (i) participating in charitable, civic, educational, professional, community or industry affairs or, with prior written approval of the Board, serving on the board of directors or advisory
boards of other companies; and (ii) managing the Executive’s and the Executive’s family’s personal investments so long as such activities do not materially interfere with the performance of the Executive’s duties hereunder
or create a potential business conflict or the appearance thereof. 
 2.2 Office Locations. During the period until
October 1, 2010, the Executive shall be based at the Brisbane, Australia office of MPAL. From and after October 1, 2010, the Executive shall be based at the head office of the Company located in Portland, Maine. During the Term hereof, the
Executive shall be available to travel within the United States and internationally at the request of the President/CEO and/or the Board. 
 3.
Compensation and Benefits. 
 3.1 Salary; Bonus. 

(a) Salary. During the Term, the Company shall pay the Executive a base salary of Two Hundred Forty Thousand
Dollars ($240,000). Beginning July 1, 2011 and effective each
January 1st thereafter during the Term of this
Agreement, the Executive’s base salary, starting with $240,000 as of the Effective Date, shall be increased by a percentage amount equal to the percentage increase in the Bureau of Labor Statistics’ announced Consumer Price Index for All
Urban Consumers, All Items (the “CPI-U”), unadjusted, for the 12-month period ending December 31st
 of the calendar year immediately preceding the date on which such salary increase is scheduled to take effect; provided however, that the adjustment made on January 1, 2012 will
be based on the preceding six-month period. In addition, the Company may, in its sole and absolute discretion, increase the Executive’s base salary at other times in light of the Executive’s performance, inflation, changes in the cost of
living and other factors deemed relevant by the Company. The Executive’s base salary shall be paid in U.S. dollars ($) by means of wire transfers to an account designated by the Executive, in accordance with the standard pay practices for
other members of senior management of the Company, but not less frequently than monthly. 
 (b) Bonus. During the Term,
the Executive will be eligible to receive such bonus awards, if any, as shall be determined by the Board in its sole discretion, after receipt of a recommendation by the Compensation, Nominating and Governance Committee of the Board. 

 

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 3.2 Equity Awards. 

(a) As of the date of this Agreement, the Executive has been granted by the Board non-qualified stock options in two tranches (together,
the “Stock Options”) under the Company’s 1998 Stock Incentive Plan, as amended to date (the “Stock Incentive Plan”), which entitle the Executive to purchase an aggregate of eight hundred thousand (800,000) shares of
common stock of the Company, par value $.01 per share (the “Common Stock”), at an exercise price per share of not less than the “fair market value” of a share of Common Stock on their respective grant dates, as determined in
accordance with the terms of the Stock Incentive Plan. The time-based and performance-based vesting conditions and other terms of the Stock Options are set forth in the Option Agreements, which are substantially similar to the option agreements
evidencing other awards made to the Company’s senior management under the Stock Incentive Plan. 
 (b) Subject to the
approval of the Board in its sole discretion, after receipt of a recommendation by the Compensation, Nominating and Governance Committee, the Executive may be awarded options to purchase a substantial number of additional shares of Common Stock
(with the exact number to be determined by the Board) if the Company completes the planned purchase by MPAL of an ownership interest in the Evans Shoal field on or before June 30, 2011. 

3.3 Benefit Programs. The Executive shall be entitled to participate on substantially the same terms as other members of senior
management of the Company in all employee benefit plans and programs of the Company (other than any severance plan, program or policy), as such plans and programs are made available by the Company, subject to any restrictions or eligibility
requirements under such plans and programs, from time to time in effect for the benefit of senior management of the Company, including, but not limited to, retirement plans, profit sharing plans, group life insurance, hospitalization and surgical
and major medical and dental coverages, short-term and long-term disability. 
 3.4 Vacations and Holidays. During the
Term of this Agreement, the Executive shall be entitled to vacation leave of four (4) weeks per year at full pay or such greater vacation benefits as may be provided for by the Company’s vacation policies applicable to senior management.
The Executive shall also be entitled to such holidays as are established by the Company for all employees. 
 3.5 Relocation
Expenses. The Company shall reimburse the Executive for the costs of the Executive’s reasonable expenses, as incurred, related to: (a) the temporary relocation of his residence from Houston, Texas to Brisbane, Australia for the period
described in Section 2.2 above; (b) his accommodations in Brisbane, Australia; and (c) the permanent relocation of his residence to the Portland, Maine area. The Company agrees to pay the reimbursements described in this paragraph no
later than 30 days after Executive’s request, and in no event later than December 31, 2011. The payments eligible for reimbursement during the Executive’s taxable year may not affect the payments eligible for reimbursement in any
other year, and the right to reimbursement is not subject to liquidation or exchange for another benefit. 
  

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 4. Business and Advisory Expenses. 

(a) The Executive shall be entitled to prompt reimbursement for all reasonable, documented and necessary expenses incurred by the
Executive in performing his services hereunder in accordance with the policies of the Company, including business class accommodations when traveling on international business trips for the Company. The Executive shall also be entitled to prompt
reimbursement for his reasonable legal expenses (not to exceed $22,000 in the aggregate) incurred during 2010 in connection with the Executive’s (i) negotiation and execution of this Agreement, the Option Agreements and the Indemnification
Agreement, and (ii) review and approval of the Visa Application described in Section 1.3(a) above. 
 (b) The
Executive shall properly account for all such business and advisory expenses described in this Section 4 in accordance with the policies and procedures established by the Company. The Company agrees to reimburse the Executive for such amounts
no later than 30 days after the Executive’s request, and in no event later than the end of 2011. The payments eligible for reimbursement during the Executive’s taxable year may not affect the payments eligible for reimbursement in any
other year, and the right to reimbursement is not subject to liquidation or exchange for another benefit. 
 5. Separation from Service.
No termination of employment shall be deemed to have occurred under this Agreement unless there has been a “Separation from Service” as defined under Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”), and the term “termination of employment” and the like in this Agreement shall be construed to mean “Separation from Service” as so defined. 

6. Termination of Employment by the Company. 

6.1 Termination by the Company Other Than For Non-Renewal, Disability or Cause. 

(a) The Company may terminate the Executive’s employment at any time for any reason other than (i) pursuant to Section 1.1
hereof or pursuant to a written notice by the Company of its intention to permit the Agreement to terminate at the end of the Initial Term or a Renewal Term, as the case may be; (ii) by reason of the Executive’s Disability (as defined in
Section 6.2) or (iii) for Cause (as defined in Section 6.3), by giving the Executive a written notice of termination at least thirty (30) days before the date of termination (or such lesser notice period as the Executive may
agree to). 
 (b) In the event of any termination of employment by the Company described in Section 6.1(a) above, the
Executive shall be entitled to receive the following benefits: 
 (i) Salary: His base salary pursuant to
Section 3.1 through the date of such termination of employment, plus his base salary for the period of any vacation time earned but not taken for the year of termination of employment; 

(ii) Other Benefits: Any other compensation and benefits to the extent actually earned by the Executive under any
other benefit plan or program of the Company as of 
  

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the date of such termination of employment, with such compensation and benefits to be paid at the normal time for payment of such compensation and benefits to the extent not previously paid;

 (iii) Reimbursements: Any reimbursement amounts owing under this Agreement; and 

(iv) Severance: A severance amount equal to the amount of base salary that the Executive would have received if he
remained employed for the balance of the Initial Term or the Renewal Term, as the case may be (the “Severance Benefit”), based upon his then-current base salary without further increase. However, in no event shall the Severance Benefit be
less than the amount of base salary that the Executive would have received if he remained employed for twelve (12) months, based upon his then-current salary without further increase. The amount of the severance benefit as so determined by this
Section 6.1(b)(iv) shall be divided into twelve (12) equal installments. Payment of such installments shall be made to the Executive as follows: 

(A) payment shall commence on the first
(1st) date of the seventh
(7th) month following the Executive’s Separation
from Service. The amount of the first payment shall equal the first seven (7) such installments. 
 (B) subsequent payments
shall be made on the first day of each succeeding month for the balance of the twelve (12) month period. 

(v) Medical Coverage: If the Executive elects to continue insurance coverage under the Company’s health
insurance plans pursuant to COBRA, then for the period beginning on the date of the Executive’s termination of employment and ending on the earlier of (i) the date which is 18 months after the date of such termination of employment or
(ii) the date the Executive becomes eligible for health insurance benefits under the group health plan of another employer, the Company shall pay, or reimburse the Executive an amount equal to, the same dollar amount of the Executive’s
premium for COBRA coverage for the Executive and, if applicable, his spouse and dependent children, as the Company paid prior to the Executive’s termination for group health coverage under the Company’s health insurance plans for actively
employed members of management generally. The Executive shall notify the Company promptly if he, while eligible for benefits under this subsection 6.1(b)(v), becomes eligible to receive health insurance benefits from another employer.

 (c) Section 1.1 Terminations; Non-Renewals. Notwithstanding anything else in this Agreement to the contrary, if
either party (i) terminates this Agreement under Section 1.1 hereof, or (ii) give written notice under Section 1.2 hereof of such party’s intention to permit the Agreement to terminate at the end of the Initial Term or a
Renewal Term, as the case may be, then the Executive shall not be entitled to any of the benefits set forth in Sections 6.1(b)(iv) or 6.1(b)(v) hereof. 
  

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 6.2 Termination Due to Disability. 

(a) If the Executive incurs a Disability, as defined in Section 6.2(b) below, the Company may terminate the Executive’s
employment by giving the Executive written notice of termination at least thirty (30) days before the date of such termination (or such lesser notice period as the Executive may agree to). In the event of such termination of the
Executive’s employment because of Disability, the Executive shall be entitled to receive (i) his base salary pursuant to Section 3.1 through the date of such termination of employment, plus his base salary for the period of any
vacation time earned but not taken for the year of termination of employment; (ii) any other compensation and benefits to the extent actually earned by the Executive under any other benefit plan or program of the Company as of the date of such
termination of employment, with such compensation and benefits to be paid at the normal time for payment of such compensation and benefits to the extent not previously paid, and (iii) any reimbursement amounts owing under this Agreement.

 (b) For purposes of this Agreement, the Executive shall be considered to have incurred a “Disability” if and only
if the Executive shall be unable to perform the duties of his employment with the Company for an aggregate period of more than 90 days in a consecutive period of 52 weeks as a result of incapacity due to mental or physical illness or impairment
(other than as a result of addiction to alcohol or any drug) as determined by a physician selected by the Company or its insurers and acceptable to the Executive or his legal representative. 

6.3 Termination for Cause. 

(a) The Company may terminate the Executive’s employment immediately for Cause for any of the following reasons: (i) an act or
acts of dishonesty or fraud by the Executive relating to the performance of his services to the Company; (ii) a breach by the Executive of his duties or responsibilities under this Agreement resulting in significant demonstrable injury to the
Company or any of its subsidiaries; (iii) the Executive’s conviction of a felony or any crime involving moral turpitude; (iv) the Executive’s material failure (for reasons other than death or Disability) to perform his duties
under this Agreement or insubordination (defined as refusal to execute or carry out lawful directions from the Board or its duly appointed designees) where the Executive has been given written notice of the acts or omissions constituting such
failure or insubordination and the Executive has failed to cure such conduct, where susceptible to cure, within ten days following such notice; or (v) a breach by the Executive of any provision of any material policy of the Company or any of
his obligations under Section 13 of this Agreement. 
 (b) The Company shall exercise its right to terminate the
Executive’s employment for Cause by giving the Executive written notice of termination specifying in reasonable detail the circumstances constituting such Cause. In the event of such termination of the Executive’s employment for Cause, the
Executive shall be entitled to receive only (i) his base salary pursuant to Section 3.1 earned through the date of such termination of employment plus his base salary for the period of any vacation time earned but not taken for the year of
termination of employment, such base salary to be paid in a lump sum no later than the next payroll date following the Executive’s date of termination to the extent not previously paid; (ii) any other compensation and benefits to the
extent actually earned by the Executive under any other benefit plan or program of 
  

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the Company as of the date of such termination of employment, with such compensation and benefits to be paid at the normal time for payment of such compensation and benefits to the extent not
previously paid; and (iii) any reimbursement amounts owing under this Agreement. 
 7. Terminations of Employment by the Executive.

 (a) Termination for Good Reason. 

(i) The Executive may terminate his employment for Good Reason by giving the Company a written notice of termination at
least 30 days before the date of such termination (or such lesser notice period as the Company may agree to) specifying in reasonable detail the circumstances constituting such Good Reason. In the event of the Executive’s termination of his
employment for Good Reason, the Executive shall be entitled to receive a severance benefit equal to one year’s base salary, based upon his then-current base salary without further increase. The severance payment under this Section shall be paid
to the Executive at the same time and in the same manner as set forth in Sections 6.1(b)(iv)(A) and (B) hereof. 

(ii) For purposes of this Agreement, “Good Reason” shall mean only, without the Executive’s written
consent, (A) a material negative change in the scope of the authority, functions, duties or responsibilities of Executive’s employment from that which is contemplated by this Agreement; provided that a change in scope solely as a result of
the Company no longer being a public company or becoming a subsidiary of another entity shall not constitute Good Reason; (B) the Company materially changing the geographic location in which the Executive must perform services from the
Portland, Maine metropolitan area; or (C) any material breach by the Company of any provision of this Agreement without the Executive having committed any material breach of the Executive’s obligations hereunder (including Section 13
hereof), in each case of (A), (B), or (C), which breach is not cured by the Company within thirty (30) days following written notice thereof to the Company of such breach. If grounds for termination of employment for Good Reason occurs, and the
Executive fails to give notice of termination within sixty (60) days after the occurrence of such event, the Executive shall be deemed to have waived his right to terminate employment for Good Reason. In addition, prospective changes to
employee benefits for future employment made on an across-the-board basis to all similarly situated executives of the Company and its subsidiaries shall not be considered Good Reason. 

(b) Termination Without Good Reason. In addition to a non-renewal of the Initial Term or a Renewal Term by the Executive under
Section 1.2 hereof, the Executive may terminate his employment at any time without Good Reason, by giving the Company a written notice of termination to that effect at least thirty (30) days before the date of termination (or such lesser
notice period as the Company may agree to); provided, however, that the Company following receipt of such notice from the Executive may elect to have the Executive’s employment terminate immediately following its receipt of such
notice by paying to the Executive an amount equal to one month of the Executive’s then-current base salary. In the event of the Executive’s termination of his employment pursuant to this Section 7(b), and in addition to the amount set

  

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forth in the preceding sentence, if applicable, the Executive shall be entitled to receive only: (i) his base salary pursuant to Section 3.1 earned through the date of such termination
of employment plus his base salary for the period of vacation time earned but not taken for the year of termination of employment, such base salary to be paid in a lump sum no later than the next payroll date following the Executive’s date of
termination to the extent not previously paid; (ii) any other compensation and benefits to the extent actually earned by the Executive under any other benefit plan or program of the Company as of the date of such termination of employment, with
such compensation and benefits to be paid at the normal time for payment of such compensation and benefits to the extent not previously paid; and (iii) any reimbursement amounts owing under this Agreement. 

8. Termination of Employment By Death. 

(a) In the event of the death of the Executive during the course of his employment hereunder, the Executive’s estate (or other person
or entity having such entitlement pursuant to the terms of the applicable plan or program) shall be entitled to receive: (i) the Executive’s base salary pursuant to Section 3.1 hereof earned through the date of the Executive’s
death plus the Executive’s base salary for the period of vacation time earned but not taken for the year of the Executive’s death, such base salary to be paid in a lump sum no later than the next payroll date following the Executive’s
date of termination to the extent not previously paid; (ii) any other compensation and benefits to the extent actually earned by the Executive under any other benefit plan or program of the Company as of the date of such termination of
employment, with such compensation and benefits to be paid at the normal time for payment of such compensation and benefits to the extent not previously paid; and (iii) any reimbursement amounts owing under this Agreement. 

(b) In addition, in the event of such death, the Executive’s beneficiaries shall receive any death benefits owed to them under the
Company’s employee benefit plans. 
 9. Conditions to Payment of Severance Benefits. The Company’s obligation to pay to the
Executive the severance benefits described in this Agreement shall be subject to (i) the Executive’s compliance with the provisions of Section 13 hereof; (ii) delivery to the Company of the Executive’s resignations from all
officer, directorships and fiduciary positions, if any, with the Company, MPAL and their respective subsidiaries and employee benefit plans; and (iii) the Executive’s execution and delivery to the Company without revocation of a valid
Termination, Voluntary Release and Waiver of Rights Agreement, in substantially the form attached to this Agreement as Exhibit A (the “Release”). By the time payment is to begin under Section 6.1(b)(iv)(A), the
documentation described in (ii) above and the release described in (iii) above must have been executed and delivered to the Company and the revocation period relating to the release must have expired. If all of such conditions have
not been met by the time payment is to begin, the benefits otherwise payable in accordance with Section 6.1(b)(iv) shall be forfeited and shall not be reinstated for any reason. 

 

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 10. Golden Parachute Excise Tax. 

(a) In the event that any payment or benefit received or to be received by the Executive pursuant to this Agreement or any other plan,
program or arrangement of the Company or any of its affiliates would constitute an “excess parachute payment” within the meaning of Section 280G of the Code (“Excess Parachute Payment”), then the Severance Payment under this
Agreement shall be reduced (by the minimum possible amounts) until no amount payable to the Executive under this Agreement constitutes an Excess Parachute Payment; provided, however, that no such reduction shall be made if the net after-tax payment
(after taking into account Federal, state, local or other income and excise taxes) to which the Executive would otherwise be entitled without such reduction would be greater than the net after-tax payment (after taking into account Federal, state,
local or other income and excise taxes) to the Executive resulting from the receipt of such payments with such reduction. 
 (b)
All determinations required to be made under this Section 10 shall be made by a nationally recognized independent accounting firm mutually agreeable to the Company and the Executive (the “Accounting Firm”) which shall provide detailed
supporting calculations to the Company and the Executive as requested by the Company or the Executive. All fees and expenses of the Accounting Firm shall be borne solely by the Company and shall be paid by the Company upon demand of the Executive as
incurred or billed by the Accounting Firm. All determinations made by the Accounting Firm pursuant to this Section 10 shall be final and binding upon the Company and the Executive. 

11. Entitlement to Other Benefits, Plans or Awards. Except as otherwise provided in this Agreement, this Agreement shall not be construed as
limiting in any way any rights or benefits that the Executive or his spouse, dependents or beneficiaries may have pursuant to any other employee benefit plan or program of the Company. All benefits, including, without limitation, stock options,
stock appreciation rights, restricted stock units and other awards under the Company’s benefits, plans or programs, shall be subject to the terms and conditions of the plan or arrangement under which such benefits accrue, are granted or are
awarded. In addition, nothing herein shall be construed to prevent the Company from amending, altering, eliminating or reducing any benefits, plans or programs so long as the Executive continues to receive compensation and benefits consistent with
those described in Section 3 hereof. 
 12. Officer Protections. As required by the Company’s Restated Certificate of
Incorporation, the Company is entering into its customary Indemnification Agreement with the Executive under which the Company agrees to indemnify the Executive to the fullest extent allowed under Delaware law for any claims related to the
Executive’s service as an officer of the Company and to provide coverage for the Executive under the Company’s directors’ and officers’ liability insurance. 

13. Executive’s Obligations. 

(a) Confidentiality. The Executive agrees that he shall not, directly or indirectly, use, make available, sell, disclose or
otherwise communicate to any person, other than in the course of the Executive’s employment and for the benefit of the Company, either during the period of 
  

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the Executive’s employment or at any time thereafter, any nonpublic, proprietary or confidential information, knowledge or data relating to the Company, any of its subsidiaries, affiliated
companies or businesses, which shall have been obtained by the Executive during the Executive’s employment by the Company. The foregoing shall not apply to information that (i) was known to the public prior to its disclosure to the
Executive; (ii) becomes known to the public subsequent to disclosure to the Executive through no wrongful act of the Executive or any representative of the Executive; or (iii) the Executive is required to disclose by applicable law,
regulation or legal process (provided that the Executive provides the Company with prior notice of the contemplated disclosure and reasonably cooperates with the Company at its expense in seeking a protective order or other appropriate protection of
such information). Notwithstanding clauses (i) and (ii) of the preceding sentence, the Executive’s obligation to maintain such disclosed information in confidence shall not terminate where only portions of the information are in the
public domain. 
 (b) Non-Solicitation. In the event that the Executive receives payment of severance benefits under this
Agreement, the Executive agrees that for the two (2) year period following the date of termination of his employment by the Company the Executive will not, directly or indirectly, individually or on behalf of any other person, firm, corporation
or other entity, knowingly solicit, aid or induce any managerial level employee of the Company or any of its subsidiaries or affiliates to leave such employment in order to accept employment with or render services to or with any other person, firm,
corporation or other entity unaffiliated with the Company or knowingly take any action to materially assist or aid any other person, firm, corporation or other entity in identifying or hiring any such employee (provided, that the foregoing shall not
be violated by general advertising not targeted at Company employees nor by serving as a reference for an employee with regard to an entity with which the Executive is not affiliated). For the avoidance of doubt, if a managerial level employee on
his or her own initiative contacts the Executive for the primary purpose of securing alternative employment, any action taken by the Executive thereafter shall not be deemed a breach of this Section 13(b). 

(c) Non-Competition. The Executive acknowledges that the Executive performs services of a unique nature for the Company that are
irreplaceable, and that the Executive’s performance of such services to a competing business will result in irreparable harm to the Company. Accordingly, in the event that the Executive receives payment of severance benefits under this
Agreement, the Executive agrees that for a period of two (2) years following the date of termination of his employment by the Company, he will not, directly or indirectly, become connected with, promote the interest of, or engage in any other
business or activity that materially competes with the business of the Company within the geographical area in which the business of the Company is conducted. The Executive specifically acknowledges that the geographic area to which the covenants
contained in this Section 13(c) shall apply everywhere in the world (which discrete geographic locations shall be identified by the energy resource basins involved, not the country or political subdivision) where the Company or its subsidiaries
(i) own or otherwise hold oil, gas or other mineral resources or assets; (ii) are otherwise actively engaged in the business of extracting and selling oil, gas or other mineral resources or assets, or (iii) have definitive plans for
(i) or (ii) within the twelve (12) months following the date of the Executive’s termination of employment with the Company. Notwithstanding the foregoing, neither the ownership of one percent (1%) or less of the outstanding
publicly traded stock of any company, 
  

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nor the ownership of a working interest acquired during the Initial Term or a Renewal Term (as the case may be) with the consent of the Company, will constitute a violation of this
Section 13(c). 
 (d) Non-Disparagement. Each of the Executive and the Company (for purposes of this
Section 13(d), “the Company” shall mean only (i) the Company by press release or otherwise and (ii) the executive officers and directors thereof and not any other employees) agrees not to make any public statements that
disparage the other party, or in the case of the Company, its subsidiaries, affiliates, officers, directors or business partners. Notwithstanding the foregoing, statements made in the course of sworn testimony in agency, administrative, judicial or
arbitral proceedings (including, without limitation, depositions in connection with such proceedings) or otherwise as required by law shall not be subject to this Section 13(d). 

(e) Return of Company Property and Records. The Executive agrees that upon termination of the Executive’s employment, for any
reason whatsoever, the Executive will surrender to the Company in good condition (reasonable wear and tear excepted) all property and equipment belonging to the Company and all records kept by the Executive containing the names, addresses or any
other information with regard to customers or customer contacts of the Company, or concerning any proprietary or confidential information of the Company or any operational, financial or other documents given to the Executive during the
Executive’s employment with the Company. 
 (f) Cooperation. The Executive agrees that, following termination of the
Executive’s employment for any reason, the Executive shall upon reasonable advance notice, and to the extent it does not interfere with previously scheduled travel plans and does not unreasonably interfere with other business activities or
employment obligations, assist and cooperate with the Company with regard to any matter or project in which the Executive was involved during the Executive’s employment, including any litigation. The Company shall compensate the Executive for
any lost wages (or, if the Executive is not then employed, provide reasonable compensation as determined by the Compensation Committee) and reimburse the Executive’s reasonable expenses associated with such cooperation and assistance. All such
compensation shall be paid monthly as the services are being performed by the Executive, and any such reimbursement of expenses shall be subject to Section 4(b) hereof and shall be made within thirty (30) days after the Executive has
provided the Company reasonable documentation for the expenses incurred and in no event later than the end of the calendar year following the year in which the expenses were incurred. 

(g) Assignment of Inventions. The Executive shall promptly communicate and disclose in writing to the Company all inventions and
developments including software, whether patentable or not, as well as patents and patent applications (hereinafter collectively called “Inventions”), made, conceived, developed, or purchased by the Executive, or under which the Executive
acquires the right to grant licenses or to become licensed, alone or jointly with others, which have arisen or which arise out of the Executive’s employment with the Company, or relate to any matters directly pertaining to, the business of the
Company or any of its subsidiaries; provided however, that the Executive shall have no obligation to disclose, and shall retain all rights to, Inventions made, conceived, developed, or purchased by him prior to his employment with the Company
or MPAL. Included herein as if developed during the employment period is 
  

 -12- 

 
any specialized equipment and software developed for use in the business of the Company. All of the Executive’s right, title and interest in, to, and under all such Inventions, licenses, and
right to grant licenses shall be the sole property of the Company. As to all such Inventions, the Executive will, upon request of the Company execute all documents which the Company deems necessary or proper to enable it to establish title to such
Inventions or other rights, and to enable it to file and prosecute applications for letters patent of the United States and any foreign country; and do all things (including the giving of evidence in suits and other proceedings) which the Company
deems necessary or proper to obtain, maintain, or assert patents for any and all such Inventions or to assert its rights in any Inventions not patented. 

(h) Equitable Relief; Reformation; Survival. The Parties acknowledge and agree that the other party’s remedies at law for a
breach or threatened breach of any of the provisions of this Section 13 would be inadequate and, in recognition of this fact, the Parties agree that, in the event of such a breach or threatened breach, in addition to any remedies at law, the
other party, without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available. If
it is determined by a court of competent jurisdiction in any state that any restriction in this Section 13 is excessive in duration or scope or is unreasonable or unenforceable under the laws of that state, it is the intention of the parties
that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the law of that state. The obligations contained in this Section 13 shall survive the termination or expiration of the
Executive’s employment with the Company and shall be fully enforceable thereafter. 
 14. Alternative Dispute Resolution. Any
controversy, dispute or questions arising out of, in connection with or in relation to this Agreement or its interpretation, performance or nonperformance or any breach thereof shall be resolved through mediation. In the event mediation fails to
resolve the dispute within 60 days after a mediator has been agreed upon or such other longer period as may be agreed to by the parties, or if the Parties fail to agree on a mediator within 30 days of either party’s request for mediation, such
controversy, dispute or question shall be settled by arbitration in accordance with the Center for Public Resources Rules for Non Administered Arbitration of Business Disputes, by a sole arbitrator. The arbitration shall be governed by the United
States Arbitration Act, 9 U.S.C. Sec. 1-16, and judgment upon the award rendered by the arbitrator may be entered by any court having jurisdiction thereof. The place of the arbitration shall be Portland, Maine. 

15. General Provisions. 

15.1 No Duty to Seek Employment. The Executive shall not be under any duty or obligation to seek or accept other employment
following termination of employment, and no amount, payment or benefits due to the Executive hereunder shall be reduced or suspended if the Executive accepts subsequent employment, except as expressly set forth herein. 

15.2 Deductions and Withholding. All amounts payable or which become payable under any provision of this Agreement shall be
subject to any deductions authorized by the Executive and any deductions and withholdings required by applicable laws. 
  

 -13- 

 15.3 Notices. All notices, demands, requests, consents, approvals or other
communications (collectively “Notices”) required or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be delivered personally, sent by facsimile transmission with a copy
deposited in the United States mail, registered or certified, return receipt requested, postage prepaid, or sent by overnight mail addressed as follows: 
  

			
	 To the Company:
	  	Magellan Petroleum Corporation
		  	7 Custom House Street,
3rd Floor
		  	Portland, ME 04101
		  	Attn: President and CEO
		  	Facsimile: (207) 553-2250
		
	 With a copy to:
	  	Edward B. Whittemore, Esq.
		  	Murtha Cullina LLP
		  	CityPlace I, 185 Asylum Street
		  	Hartford, CT 06103
		  	Facsimile: (860) 240-6150
		
	 To the Executive:
	  	Antoine J. Lafargue
		  	14222 Jade Cove Drive
		  	Houston, TX 77077
		
	 With a copy to:
	  	Michael C. Titens, Esq.
		  	Thompson & Knight LLP
		  	One Arts Plaza
		  	1722 Routh Street, Suite 1500
		  	Dallas, TX 75201
		  	Facsimile: (214) 880-3159

 or such other address as such
party shall have specified most recently by written notice. Notice mailed as provided herein shall be deemed given when so delivered personally or sent by facsimile transmission, or, if sent by overnight mail, on the day after the date of mailing.

 15.4 Covenant to Notify Management. The Executive shall abide by the ethics policies of the Company as well as the
Company’s other rules, regulations, policies and procedures. The Executive agrees to comply in full with all governmental laws and regulations as well as ethics codes applicable. In the event that the Executive is aware or suspects the Company,
or any of its officers or agents, of violating any such laws, ethics, codes, rules, regulations, policies or procedures, the Executive agrees to bring all such actual and suspected violations to the attention of the Company immediately so that the
matter may be properly investigated and appropriate action taken. The Executive understands that the Executive is precluded from filing a complaint not involving or related to the Executive’s individual rights with any governmental agency or
court having jurisdiction over wrongful conduct unless the Executive has first notified the Company of the facts and permits it to investigate and correct the concerns. 
  

 -14- 

 15.5 Amendments and Waivers. No provision of this Agreement may be modified, waived
or discharged unless such waiver, modification or discharge is agreed to in writing signed by the Executive and the Company. No waiver by either Party hereto at any time of any breach by the other Party hereto of, or compliance with, any condition
or provision of this Agreement to be performed by such other Party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

15.6 Beneficial Interests. This Agreement shall inure to the benefit of and be enforceable by (a) the Company’s
successors and assigns and (b) the Executive’s personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive shall die while any amounts are still payable to him
hereunder, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s devisee, legatee, or other designee or, if there be no such designee, to the Executive’s estate.

 15.7 Successors. The Company shall require any successors (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform.

 15.8 Assignment. This Agreement and the rights, duties, and obligations hereunder may not be assigned or delegated by
any Party without the prior written consent of the other Party and any attempted assignment or delegation without such prior written consent shall be void and be of no effect. Notwithstanding the foregoing provisions of this Section 15.8,
benefits payable pursuant to this Agreement shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Executive, and any attempt to alienate,
transfer, assign or attach such benefits shall be void. Notwithstanding the foregoing provisions of this Section 15.8, the Company may assign or delegate its rights, duties and obligations hereunder to any person or entity which succeeds to all
or substantially all of the business of the Company through merger, consolidation, reorganization, or other business combination or by acquisition of all or substantially all of the assets of the Company without the Executive’s consent.

 15.9 Choice of Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Delaware without regard to the conflicts of law provisions thereof. 
 15.10 Statute of Limitations. The Executive and
the Company hereby agree that there shall be a three-year statute of limitations for the filing of any requests for arbitration or any lawsuit relating to this Agreement or the terms or conditions of Executive’s employment by the Company. If
such a claim is filed more than three years subsequent to the Executive’s last day of employment it shall be precluded by this provision, regardless of whether or not the claim has accrued at that time. 

15.11 Right to Injunctive and Equitable Relief. The Executive’s obligations under Section 13 of this Agreement are of a
special and unique character, which gives them a peculiar 
  

 -15- 

 
value. The Company cannot be reasonably or adequately compensated for damages in an action at law in the event the Executive breaches such obligations. Therefore, the Executive expressly agrees
that the Company shall be entitled to injunctive and other equitable relief without bond or other security in the event of such breach in addition to any other rights or remedies which the Company may possess or be entitled to pursue. Furthermore,
the obligations of the Executive and the rights and remedies of the Company under Section 13 and this Section 15.11 are cumulative and in addition to, and not in lieu of, any obligations, rights, or remedies as created by applicable law.
The Executive agrees that the terms of this Section 15.11 shall survive the term of this Agreement and the termination of the Executive’s employment. 

15.12 Severability or Partial Invalidity. The invalidity or unenforceability of any provisions of this Agreement shall not affect
the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
 15.13
Entire Agreement. This Agreement, along with Exhibit A attached hereto, the Option Agreements and the Indemnification Agreement, constitute the entire agreement of the Parties and supersedes all prior written or oral and all
contemporaneous oral agreements, understandings, and negotiations between the Parties with respect to the subject matter hereof and thereof. This Agreement may not be changed orally and may only be modified in writing signed by both Parties. This
Agreement, along with Exhibit A attached hereto, the Option Agreements and the Indemnification Agreement, are intended by the Parties as the final expression of their agreement with respect to such terms as are included herein and therein and
may not be contradicted by evidence of any prior or contemporaneous agreement. The Parties further intend that this Agreement, along with Exhibit A attached hereto, the Option Agreements and the Indemnification Agreement, constitute the
complete and exclusive statement of their terms and that no extrinsic evidence may be introduced in any judicial proceeding involving such agreements. 

15.14 Code Section 409A. This Agreement is intended to comply with the provisions of Section 409A of the Code. The
Parties intend that the benefits and payments provided under this Agreement shall be exempt from, or comply with, the requirements of Section 409A of the Code. Notwithstanding the foregoing, the Company shall in no event be obligated to
indemnify the Executive for any taxes or interest that may be assessed by the IRS pursuant to Section 409A of the Code. 

15.15 Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed
an original but all of which together shall constitute one and the same instrument. 
  

 -16- 

 * * * * * * 

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer and the Employee has hereunto set
his hand as of the day and year first above written. 
  

					
		 	MAGELLAN PETROLEUM CORPORATION
			
		 	By:	 	 /s/ William H. Hastings

		 		 	Name: William H. Hastings
		 		 	Title: President and CEO
			
	EXECUTIVE	 		 	
			
	 /s/ Antoine J. Lafargue
	 		 	
	Antoine J. Lafargue	 		 	

  

 -17- 

 EXHIBIT A 

TERMINATION, VOLUNTARY RELEASE AND WAIVER OF RIGHTS AGREEMENT 

I, Antoine J. Lafargue, freely enter into this Termination, Voluntary Release and Waiver of Rights Agreement (the “Agreement”),
unqualifiedly accept and agree to the relinquishment of my title, responsibilities and obligations as an employee of Magellan Petroleum Corporation (“the Company”), and concurrently and unconditionally agree to sever my relationship as an
employee of the Company, in consideration for the voluntary payment to me by the Company of the severance benefits described in the Employment Agreement dated as of August 2, 2010 by and between me and the Company (the “Employment
Agreement”). 
 1. In exchange for this consideration, which I understand that the Company is not otherwise obligated to provide to me, I
voluntarily agree to waive and forego any and all claims, rights, interests, covenants, contracts, warranties, promises, undertakings, actions, suits, causes of action, obligations, debts, attorneys’ fees or other expenses, accounts, judgments,
fines, fees, losses and liabilities, of any kind, nature or description, in law (including all contract and tort claims), equity or otherwise (collectively, “Claims”) that I may have against the Company as an employee of the Company beyond
the rights set forth in the Employment Agreement and to release the Company and their respective affiliates, subsidiaries, officers, directors, employees, representatives, agents, successors and assigns (hereinafter collectively referred to as
“Releasees”) from any obligations any of them may owe to me in my capacity as an employee of the Company except as set forth in my Employment Agreement (and specifically not as a shareholder or director), accepting the aforestated
consideration as full settlement of any monies or obligations owed to me by Releasees that may have arisen at any time prior to the date of my execution of this Agreement, except as specifically provided below in the following paragraph number 2.

 2. I do not waive, nor has the Company asked me to waive, any rights arising exclusively under the Fair Labor Standards Act, except as such
waiver may henceforth be made in a manner provided by law. I do not waive, nor has the Company asked me to waive, any vested benefits that I may have or that I may have derived from the course of my employment with the Company. I understand that
such vested benefits will be subject to and administered in accordance with the established and usual terms governing same. I do not waive any rights which may in the future, after the execution of this Agreement, arise exclusively from a
substantial breach by the Company of a material obligation of the Company expressly undertaken in consideration of my entering into this Agreement. 

3. Except as set forth in paragraphs 2 and 9 hereof, I do fully, irrevocably and forever waive, relinquish and agree to forego any and all Claims
whatsoever, whether known or unknown, in contract, tort or otherwise, that I may have or may hereafter have against the Releasees or any of them arising out of or by reason of any cause, matter or thing whatsoever arising out of my employment by the
Company (other than as set forth in my Employment Agreement) from the beginning of the world to the date hereof, including without limitation any and all matters 

 

 A-1 

 
relating to my employment with the Company and the cessation thereof and all matters arising under Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000 et seq., the
Americans with Disabilities Act of 1990, 42 U.S.C. § 12101 et seq., the Family and Medical Leave Act of 1993, 29 U.S.C. § 2601 et seq., the Age Discrimination in Employment Act of 1967, 29 U.S.C. § 621
et seq., the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et seq., all as amended, or under any other laws, ordinances, executive orders, regulations or administrative or judicial case law
arising under the statutory or common laws of the United States, the State of Texas or any other applicable county or municipal ordinance. 
 4.
As a material inducement to the Company to enter into this Agreement, I, the undersigned, recognize that I may have been privy to certain confidential, proprietary and trade secret information of the Company which, if known to third parties, could
be used in a manner that would reduce the value of the Company for its shareholders. In order to reduce the risk of that happening, I, the undersigned, agree that for a period of two (2) years after termination of employment, I, the
undersigned, will not, directly or indirectly, assist, or be part of or have any involvement in, any effort to acquire control of the Company through the acquisition of its stock or substantially all of its assets, without the prior consent of the
Board of Directors of the Company. This provision shall not prevent the undersigned from owning up to not more than one percent (1%) of the outstanding publicly traded stock of any company; exercising any Company stock options in accordance
with the terms and conditions of the Company’s 1998 Stock Incentive Plan, or retaining any shares of Company stock owned by me on the date hereof. 

5. Acknowledgements. 
 (a) I
further acknowledge pursuant to the Older Worker’s Benefit Protection Act (29 U.S.C. § 626(f)), I expressly agree that the following statements are true: 

(b) The payment of the severance benefits described in the Employment Agreement are in addition to the standard employee benefits and
anything else of value which the Company owes me in connection with my employment with the Company or the separation of employment. 

(c) I have twenty-one days from date of receipt to consider and sign this agreement. If I choose to sign this Agreement before the end of
the twenty-one day period, that decision is completely voluntary and has not been forced on me by the Company. 
 (d) I will
have seven (7) days after signing the Agreement in which to revoke it, and the Agreement will not become effective or enforceable until the end of those seven (7) days. 

(e) I am now being advised in writing to consult an attorney before signing this Agreement. 

(f) I acknowledge that I have been given sufficient time to freely consult with an attorney or counselor of my own choosing and that I
knowingly and voluntarily execute this Agreement, after bargaining over the terms hereof, with knowledge of the consequences made clear, and with the genuine intent to release claims without threats, duress, or coercion on the part of the Company. I
do so understanding and acknowledging the significance of such waiver. 
  

 A-2 

 6. Further, in view of the above-referenced consideration voluntarily provided to me by the Company, after
due deliberation, I agree to waive any right to further litigation or claim against any or all of the Releasees except as specifically provided in paragraphs 2 and 9 hereof. I hereby agree to indemnify and hold harmless the Releasees and their
respective agents or representatives from and against any and all losses, costs, damages or expenses, including, without limitation, attorneys fees incurred by said parties, or any of them, arising out of any breach of this Agreement by me or by any
person acting on my behalf, or the fact that any representation made herein by the undersigned was false when made. 
 7. As a material
inducement to the Company to enter into this Agreement, I, the undersigned, understand and agree that if I should fail to comply with the conditions hereof or to carry out my obligations under this Agreement, all amounts previously paid under this
Agreement shall be immediately forfeited to the Company and that the right or claim to further payments and/or benefits hereunder would likewise be forfeited. 

8. As a further material inducement to the Company to enter into this Agreement, the undersigned provides as follows: 

First. I represent that I have not filed any complaints or charges against the Company, or any of the Releasees relating to the
relinquishment of my former titles and responsibilities at the Company or the terms of my employment with the Company and that if any agency or court assumes jurisdiction of any complaint or charge against the Company or any of the Releasees on
behalf of me concerning my employment with the Company, I understand and agree that I have, by my knowing and willing execution of this Agreement, waived my rights to any form of recovery or relief against the Company, or any of the Releasees,
including but not limited to, attorney’s fees; provided, however, that this provision shall not preclude the undersigned from pursuing appropriate legal relief against the Company for redress of a substantial breach of a material
obligation of the Company expressly undertaken in consideration of my entering into this Agreement. 
 Second. I
acknowledge and understand that the consideration for this release shall not be in any way construed as an admission by the Company or any of the Releasees of any improper acts or any improper employment decisions, and that the Company, specifically
disclaims any liability on the part of itself, the Releasees, and their respective agents, employees, representatives, successors or assigns in this regard. 

Third. I acknowledge and agree that this Agreement shall be binding upon me, upon the Company, and upon our respective
administrators, representatives, executives, successors, heirs and assigns and shall inure to the benefit of said parties and each of them. 

Fourth. I represent, understand and agree that this Agreement sets forth the entire agreement between the parties hereto, and
fully supersedes any and all prior agreements or understandings between the parties pertaining to the subject matter hereof, except for the provisions of Section 15 of the Employment Agreement, the terms of which retain their full force and
effect, and which are in no way limited or curtailed by this Agreement. 
 Fifth. Modification. This Agreement may
not be altered or changed except by an agreement in writing that has been properly executed by the party against whom any waiver, change, modification or discharge is sought. 

 

 A-3 

 Sixth. Severability. All provisions and terms of this Agreement are severable.
The invalidity or unenforceability of any particular provision(s) or term(s) of this Agreement shall not affect the validity or enforceability of the other provisions and such other provisions shall be enforceable in law or equity in all respects as
if such particular invalid or unenforceable provision(s) or term(s) were omitted. Notwithstanding the foregoing, the language of all parts of this Agreement shall, in all cases, be construed as a whole, according to its fair meaning, and not
strictly for or against any of the parties. 
 Seventh. No Disparagement. I agree and promise that I will not make
any public statements which are disparaging or damaging to the reputation or business of the Company, its subsidiaries, directors, officers or affiliates, and I will not make any oral or written statements or reveal any information to any person,
company, or agency which would interfere in any way with the business relations between the Company or any of its subsidiaries or affiliates and any of their customers, suppliers or vendors whether present or in the future; provided however,
that statements made in the course of sworn testimony in agency, administrative, judicial or arbitral proceedings (including, without limitation, depositions in connection with such proceedings) or otherwise as required by law shall not be subject
to this section Seventh. 
 Eighth. Confidentiality. The Company and the undersigned agree to refrain from
disclosing to third parties and to keep strictly confidential all details of this Agreement and any and all information relating to its negotiation, except as necessary to each party’s accountants or attorneys. 

9. Notwithstanding anything herein to the contrary, this release shall not affect, release or terminate in any way the undersigned’s rights
(i) to receive payments under the Employment Agreement (ii) under the Indemnification Agreement entered by the Company and the undersigned with respect to certain liabilities that the undersigned may incur as an officer of the Company or
(iii) under any option agreements and grants from the Company to the undersigned, or any agreement between the undersigned and the Company relating to the undersigned’s rights as an owner of stock or options in the Company. 

 

 A-4 

 AFFIRMATION OF RELEASOR 

I, Antoine J. Lafargue, warrant that I am competent to execute this Termination, Voluntary Release and Waiver of Rights Agreement and that
I accept full responsibility thereof. 
 I, Antoine J. Lafargue, warrant that I have had the opportunity to consult with an
attorney of my choosing with respect to this matter and the consequences of my executing this Termination, Voluntary Release and Waiver of Rights Agreement. 

I, Antoine J. Lafargue, have read this Termination, Voluntary Release and Waiver of Rights Agreement carefully and I fully understand its
terms. I execute this document voluntarily with full and complete knowledge of its significance. 
 Executed this
             day of             , 20    at
                                        .

 STATE OF
                                        )

                         
                                    :
            ss.
                                        
                                
        , 20     
 COUNTY OF
                                     ) 

Subscribed and sworn to before me, a Notary Public in and for said County and State, this
             day of                     ,
20     under the pains and penalties of perjury. 
  

					
		  	                           
                                         
            , Notary Public	 	

 My Commission Expires: 

County of Residence: 
  

			
	AGREED:
	MAGELLAN PETROLEUM CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  

 A-5Indemnification Agreement

 Exhibit 10.2 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (this “Agreement”) is made as of the
2nd day of August, 2010 (the “Effective Date”),
by and between Magellan Petroleum Corporation, a Delaware corporation (the “Company”), and Antoine J. Lafargue, an individual residing at 14222 Jade Cove Drive, Houston, TX 77077 (the “Indemnitee”). 

Recitals 

A. The Indemnitee is today being appointed as the Chief Financial Officer and Treasurer of the Company and in such capacities is
performing or will perform valuable services for the Company. 
 B. The Delaware General Corporation Law, as amended from time
to time (the “DGCL”), permits the Company to indemnify the officers, directors, employees and agents of the Company. 

C. The Company desires to hold harmless and indemnify the Indemnitee to the fullest extent authorized or permitted by the provisions of
the DGCL, or by any amendment thereof or other statutory provisions authorizing or permitting such indemnification which hereafter may be adopted. 

D. The Company has entered into this Agreement and has assumed the obligations imposed on the Company hereby in order to induce the
Indemnitee to serve or to continue to serve as a director, officer and employee of the Company, and acknowledges that the Indemnitee is relying upon this Agreement in serving or continuing to serve in such capacities. 

Agreement 

Accordingly, in consideration of the Indemnitee’s agreement to serve or continue to serve as an officer of the Company, the Company
and the Indemnitee agree as follows: 
 1. Initial Indemnification. 

(a) General. From and after the Effective Date, the Company shall indemnify the Indemnitee to the fullest extent permitted by
applicable law whenever he is, or is threatened to be made, a party to or a participant in any threatened, pending or completed action, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, administrative hearing or
any other actual, threatened or completed proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Company to procure a judgment in its favor), by reason of the fact that he is or was a
director, officer, employee or agent of the Company, or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, or by reason of any
action alleged to have been taken or omitted in any such capacity, against any and all expenses (including, without limitation, attorneys’ fees and expenses), judgments, fines, 

 
amounts paid in settlements and other amounts actually and reasonably incurred by the Indemnitee or on his behalf in connection with such action, suit or proceeding and any appeal therefrom or
any claim, issue or matter therein if the Indemnitee acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal action or proceeding, had no
reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that
the Indemnitee did not satisfy the foregoing standard of conduct to the extent applicable thereto. 
 (b) Derivative
Actions. From and after the Effective Date, the Company shall indemnify the Indemnitee to the fullest extent permitted by applicable law when he was or is, or is threatened to be made, a party to or a participant in any threatened, pending or
completed action, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether civil, criminal, administrative or investigative, by or in
the right of the Company to procure a judgment in its favor by reason of the fact that he is or was or had agreed to become a director, officer, employee or agent of the Company, or is or was serving at the request of the Company as a director,
officer, employee, or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including, without limitation, attorneys’ fees and expenses) actually and reasonably incurred by the Indemnitee or on
his behalf in connection with the defense or settlement of such action, suit or proceeding and any appeal therefrom or any claim, issue or matter therein if the Indemnitee acted in good faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the Company, except that no indemnification shall be made in respect of any claim, issue or matter as to which the Indemnitee shall have been fully adjudged by a court to be liable to the Company, unless and only to
the extent that the Delaware Court of Chancery, or the court in which such action, suit or proceeding is or was brought, shall determine upon application that, despite the adjudication of liability, but in view of all the circumstances of the case,
the Indemnitee is fairly and reasonably entitled to indemnity for such expenses and then only to the extent that the Delaware Court of Chancery or such other court shall determine. 

(c) Determination of Entitlement. Any indemnification under Section l(a) or l(b) hereof (unless ordered by a court) shall be made
by the Company only if authorized in the specific case upon a determination, in accordance with Section 4 hereof or any applicable provision of the Company’s Restated Certificate of Incorporation, as then amended (the “Charter”),
its By-laws as then amended (the “By-laws”), any other agreement, any resolution or otherwise, that indemnification of the Indemnitee is proper in the circumstances because he has met the applicable standard of conduct set forth in Section
l(a) or (b) above. Such determination shall be made (i) by the Company’s Board of Directors (the “Board”) by a majority vote of directors who are not parties to such action, suit or proceeding, even though less than a quorum
of the Board, (ii) by a committee of such directors designated by majority vote of such directors, even though less than a quorum, (iii) if there are no such directors, or if such directors so direct, by independent legal counsel in a
written opinion or (iv) by the stockholders of the Company (the “Stockholders”). Notwithstanding the foregoing, as contemplated by Section 3, no subsequent 

 

 -2- 

 
amendment or change to the By-laws or the Charter which limits or restricts the rights of the Company to indemnify the Indemnitee shall adversely affect the rights of the Indemnitee hereunder.

 (d) Mandatory Indemnification. Notwithstanding any other provisions of this Agreement, to the fullest extent permitted
by applicable law and to the extent that the Indemnitee is a party to (or participant in) and is successful, on the merits or otherwise, in any action, suit or proceeding referred to in Section 1(a) or 1(b) hereof, or in defense of any claim,
issue or matter therein, in whole or in part, the Company shall indemnify the Indemnitee against all expenses (including, without limitation, attorneys’ fees and expenses) actually and reasonably incurred by him in connection therewith. If the
Indemnitee is not wholly successful in such action, suit or proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters therein, the Company shall indemnify the Indemnitee against all
expenses actually and reasonably incurred by him or on his behalf in connection with or related to each successfully resolved claim, issue or matter to the fullest extent permitted by law. 

(e) Advancement of Expenses. Notwithstanding any provision of this Agreement to the contrary (other than Section 4), the
Company shall advance, to the extent not prohibited by law, the expenses (including, without limitation, attorneys’ fees and expenses) incurred by the Indemnitee in defending any civil, criminal, administrative or investigative action, suit or
proceeding, and such advancement shall be made within thirty (30) days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or in advance of the final disposition of such
action, suit or proceeding as authorized in accordance with Section 4 hereof or any applicable provision of the Charter, the By-laws, any other agreement, any resolution or otherwise. 

(f) Benefit Plan Matters. For purposes of this Agreement, references to “other enterprises” shall include employee
benefit plans; references to “fines” shall include any excise taxes assessed on the Indemnitee with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any service as a
director, officer, employee or agent of the Company which imposes duties on, or involves services by, the Indemnitee with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he
reasonably believed to be in the interest of the participants and the beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this
Section 1. 
 2. Additional Indemnification. 

(a) General. If and to the extent that (i) the DGCL is amended hereafter to require or permit indemnification, expense
advancement or exculpation that is or may be more favorable to the Indemnitee than the maximum permissible indemnification, expense advancement and exculpation now permitted thereunder and provided in this Agreement, or (ii) the Company
reincorporates in or merges, consolidates or combines into or with any other corporation or entity by virtue of which transaction the Company is not the surviving, resulting or acquiring corporation and the surviving, resulting or acquiring
corporation is incorporated in a 
  

 -3- 

 
different jurisdiction which at such time requires or permits indemnification, expense advancement or exculpation that is or may be more favorable to the Indemnitee than the maximum permissible
indemnification, expense advancement and exculpation now permitted under the DGCL and provided in this Agreement, then pursuant to this Agreement the Indemnitee shall be entitled to, and this Agreement shall be deemed to be amended to provide for
the Indemnitee’s contractual entitlement to, indemnification, expense advancement and exculpation to the maximum extent that may be permitted or required under such applicable law at the time of any initial or subsequent request for indemnity
hereunder (determined as contemplated by Section 4 hereof), whether or not the Company has adopted any Charter or By-law provisions adopting, effecting or implementing any provisions thereof which are permissive and not mandatory in nature.
Nothing contained herein shall be deemed to detract from, diminish, impair, limit or adversely affect any right which the Indemnitee may have under this Agreement under any circumstances, including without limitation in the event of subsequent
amendment or revision to the Charter or the By-laws, and to the extent that any terms, conditions or provisions of this Agreement (including, without limitation, those in Section 1 hereof) are more favorable to the Indemnitee than the maximum
indemnification, expense advancement and exculpation then permitted or required under such applicable law (determined as aforesaid), then such terms, conditions and provisions of this Agreement shall be preserved and integrated with such more
favorable terms from then applicable law and shall continue to apply to the Indemnitee’s rights by virtue of this Agreement. The same expansion of the Indemnitee’s rights and deemed inclusion herein and integration herewith of any terms,
conditions or provisions more favorable to the Indemnitee shall occur upon and with respect to any amendment of the provisions relating to indemnification, expense advancement and exculpation in the Company’s Charter or the By-laws and any
provision by the Company to any other officer or director of the Company of any other different form of indemnification contract or agreement. 

(b) Examples and Limitations. Without limiting the generality of Section 2(a) hereof, the Indemnitee hereby may become
entitled to indemnification of any and all amounts which he becomes legally obligated to pay (including, without limitation, damages, judgments, fines, settlements, expenses of investigation and defense of legal actions, proceedings or claims and
appeals therefrom, and expenses of appeal, attachment or similar bonds) relating to or arising out of any claim made against him because of any act, failure to act, or neglect or breach of duty, including any actual or alleged error, misstatement or
misleading statement, which he commits, suffers, permits or acquiesces in while acting in his capacity as an officer, director, employee or agent of the Company, subject only to any limitations on the maximum permissible expense advancement or
indemnification which may exist under applicable law (determined as provided in Section 2(a) hereof). In no event, however, shall the Company be obligated under this Section 2 to make any payment in connection with any claim against the
Indemnitee: 
 (i) for which payment actually has been made to the Indemnitee under a valid and collectible
insurance policy, except in respect of any retention or excess beyond the amount of payment under such insurance; 
  

 -4- 

 (ii) which results in a final, nonappealable order for the Indemnitee to pay
a fine or similar governmental imposition which the Company is prohibited by applicable law from paying; or 

(iii) which is based upon or attributable to the Indemnitee gaining in fact a personal profit to which he was not legally
entitled, including, without limitation, any profits made from the purchase and sale by the Indemnitee of equity securities of the Company which are recoverable by the Company pursuant to Section 16(b) of the Securities Exchange Act of 1934 and
any profits arising from transactions in any publicly traded securities of the Company which were effected by the Indemnitee in violation of Section 10(b) of the Securities Exchange Act of 1934 or Rule 10b-5 promulgated thereunder. 

3. Effect of Future Adverse Changes in Charter, By-laws or Applicable Law. 

Nothing herein shall prevent the adoption by the Board or the Stockholders of any amendment to the Charter or the By-laws, the effect of
which would be to detract from, diminish, impair, limit or adversely affect the Indemnitee’s rights to indemnification, expense advancement or exculpation that otherwise exist as of the Effective Date pursuant to such Charter or By-laws as
applied to any act or failure to act occurring in whole or in part after the date hereof. In the event that the Company shall adopt any such amendment to its Charter or By-laws, however, or in the event that the indemnification, expense advancement
or exculpation provisions of the DGCL (or any other then applicable law) hereafter shall be amended in a manner which may be deemed to detract from, diminish, impair, limit or adversely affect the Indemnitee’s rights with respect thereto, such
events and changes shall not in any manner or to any extent detract from, diminish, impair, limit or adversely affect in any manner the contractual indemnification rights and procedures granted to and benefiting the Indemnitee under this Agreement,
unless and then except only to the extent that any of such rights or any of the terms, conditions and provisions of this Agreement shall thereby be made illegal or otherwise violative of applicable law, in which case the provisions of
Section 11(d) hereof shall apply. For purposes only of determining the Indemnitee’s rights to indemnification pursuant to the Charter or the By-laws as so amended, and not for purposes of the continuing applicability of this Agreement in
accordance with its terms, any such amendment to the Charter or the By-laws shall apply to acts or failures to act occurring entirely after the date on which such amendment was approved and adopted by the Board or the Stockholders, as the case may
be, unless the Indemnitee shall have voted in favor of such approval and adoption as a director or holder of record of the Company’s voting stock, as the case may be. 

4. Certain Procedures. 

(a) Indemnification Procedures. For purposes of pursuing his rights to indemnification under Section 1 (other than the second
sentence of Section 1(d) hereof, which shall be governed by Section 4(b) hereof) or Section 2 hereof, as the case may be, the Indemnitee shall be required to submit to the Board a sworn statement of request for indemnification
substantially in the form of Exhibit 1 hereto (the “Indemnification Statement”) averring that he is 
  

 -5- 

 
entitled to indemnification hereunder. Submission of an Indemnification Statement to the Board shall create a presumption that the Indemnitee is entitled to indemnification under Section 1
(other than the second sentence of Section 1(d) hereof, which shall be governed by Section 4(b) hereof) or Section 2 hereof, as the case may be, and, except as set forth below, the Board shall within 30 calendar days after submission
of the Indemnification Statement specifically determine that the Indemnitee is so entitled, unless within such 30-calendar day period it shall determine by Board action, based upon clear and convincing evidence (sufficient to rebut the foregoing
presumption) that the Indemnitee is not entitled to indemnification under Sections 1 or 2 hereof. The Company shall notify the Indemnitee promptly in writing following such determination. Any evidence rebutting the Indemnitee’s presumption, to
which the Board gave weight in arriving at its determination, shall be disclosed to the Indemnitee with particularity in such written notice. Notwithstanding anything to the contrary contained in the three preceding sentences, if the Board
determines that it cannot act on the request for indemnification submitted by the Indemnitee because a determination of entitlement can not be made in the manner required by Section 1(c) hereof, the Board will act promptly to retain independent
legal counsel or convene a meeting of the Stockholders to act on the request. 
 (b) Expense Advancement Procedures. For
purposes of determining whether to authorize advancement of expenses pursuant to the second sentence of Section 1(d) hereof or Section 2(b) hereof, the Indemnitee shall be required to submit to the Board a sworn statement of request for
advancement of expenses substantially in the form of Exhibit 2 hereto (the “Undertaking”), averring that (i) he has incurred or will incur actual expenses in defending a civil, criminal, administrative or investigative action, suit or
proceeding and (ii) he undertakes to repay such amount if it shall be determined ultimately that he is not entitled to be indemnified by the Company under this Agreement or otherwise. Within 30 calendar days after receipt of the Undertaking,
the Board shall authorize payment of the expenses described in the Undertaking, whereupon such payments shall be made promptly by the Company. No security shall be required in connection with any Undertaking, and any Undertaking shall be accepted
without reference to the Indemnitee’s ability to make repayment. 
 (c) Selection of Counsel. In the event the
Company shall be obligated under this Section 4 to pay the expenses of any action, suit or proceeding against the Indemnitee, the Company shall be entitled to assume the defense of such proceeding, with counsel acceptable to and approved by the
Indemnitee, upon the delivery to the Indemnitee of written notice of the Company’s election to do so. After delivery of such notice, approval of such counsel by the Indemnitee and the retention of such counsel by the Company, the Company will
not be liable to the Indemnitee under this Agreement for any fees of separate counsel subsequently incurred by the Indemnitee with respect to the same action, suit or proceeding; provided, however, that if (i) the employment of
counsel by the Indemnitee has been previously authorized by the Company, (ii) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of any such defense, or
(iii) the Company shall not, in fact, have employed counsel to assume the defense of such proceeding, then the Indemnitee may select and employ his own counsel to direct the defense thereof and the fees and expenses of such counsel shall be
paid by the Company. Notwithstanding any assumption of the defense of any such action, suit or proceeding and employment of counsel with 

 

 6 

 
respect thereto by the Company in accordance with the foregoing, the Indemnitee shall have the right to employ his own separate counsel to participate in any such action, suit or proceeding at
the Indemnitee’s expense. 
 5. Corporate Approval. The Company represents and warrants to the Indemnitee that:
(i) the Company has all requisite power and authority to enter into this Agreement and to perform its obligations hereunder; (ii) this Agreement and the performance of all of the Company’s obligations hereunder have been approved by
all corporate action required on the part of the Company under the Charter, the By-laws or applicable law or contract; and (iii) this Agreement, when executed, will constitute the valid and legally binding obligation of the Company, enforceable
against the Company in accordance with its terms, subject to any applicable bankruptcy law and equitable limitations. 
 6.
Fees and Expenses of Enforcement. It is the intent of the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or other expenses associated with the enforcement of his rights under this
Agreement by litigation or other legal action because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Indemnitee hereunder. Accordingly, if it should appear to the Indemnitee that the Company
has failed to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any action, suit or proceeding designed (or
having the effect of being designed) to deny, or to recover from, the Indemnitee the benefits intended to be provided to the Indemnitee hereunder, the Company irrevocably authorizes the Indemnitee from time to time to retain counsel of his choice,
at the expense of the Company as hereafter provided, to represent the Indemnitee in connection with the initiation or defense of any litigation or other legal action, whether by or against the Company or any director, officer, stockholder or other
person affiliated with the Company, in any jurisdiction. The Company shall, to the fullest extent permitted by law, indemnify the Indemnitee against any and all expenses, including without limitation attorneys’ fees and expenses, and, if
requested by the Indemnitee, shall advance, to the extent not prohibited by law, such expenses, actually and reasonably incurred by the Indemnitee (i) as a result of the Company’s failure to perform this Agreement or any provision hereof
or (ii) as a result of the Company or any person contesting the validity or enforceability of this Agreement or any provision hereof. 

7. Maintenance of Insurance and Self Insurance. 

(a) The Company represents that it presently has in force and effect policies of D & O Insurance in insurance companies and amounts
as follows (the “Insurance Policies”). 
  

									
	 Insurer
	  	Policy No.	  	Amount	  	Deductible
	 Chubb Group of Insurance Companies
	  	81691712	  	$	10,000,000	  	$	250,000

  

 -7- 

 Subject only to the provisions of Section 7(b) hereof, the Company hereby agrees that, so long as the
Indemnitee shall continue to serve as a director of officer of the Company (or shall continue at the request of the Company to serve as a director, officer, employee or agent of another company, partnership, joint venture, trust or other enterprise)
and thereafter so long as Indemnitee shall be subject to any possible claim or threatened, pending or completed action, suit or proceeding, whether civil, criminal or investigative by reason of the fact that the Indemnitee was a director of the
Company (or served in any of said other capacities), the Company will purchase and maintain in effect for the benefit of the Indemnitee one or more valid, binding and enforceable policy or policies of D & O Insurance providing, in all respects,
coverage at least comparable to that presently provided pursuant to the Insurance Policies. 
 (b) The Company shall not be
required to maintain said policy or policies of D & O Insurance in effect if said insurance is not reasonably available or if, in the reasonable business judgment of the then directors of the Company, either (i) the premium cost for such
insurance is substantially disproportionate to the amount of coverage or (ii) the coverage provided by such insurance is so limited by exclusions that there is insufficient benefit from such insurance. 

8. Reorganizations. In the event that the Company shall be a constituent corporation (including any constituent of a constituent)
in a merger, reorganization, consolidation, combination or similar transaction, the Company, if it shall not be the surviving, resulting or acquiring corporation therein, shall require as a condition thereto the surviving, resulting or acquiring
corporation to expressly assume and adopt this Agreement and to agree to indemnify the Indemnitee to the full extent provided in this Agreement. Whether or not the Company is the resulting, surviving or acquiring corporation in any such transaction,
the Indemnitee shall stand in the same position under this Agreement with respect to the resulting, surviving or acquiring corporation as he would have with respect to the Company if its separate existence had continued. 

9. Nonexclusivity, Survival and Subrogation. 

(a) Nonexclusivity. The rights to indemnification and advancement provided by this Agreement shall not be exclusive of any other
rights to which the Indemnitee may be entitled under the Charter, the By-laws, the DGCL, any other statute, insurance policy, agreement, vote of shareholders or of directors or otherwise, both as to actions in his official capacity and as to actions
in another capacity while holding such office. 
 (b) Survival. The provisions of this Agreement shall survive the death,
disability, or incapacity of the Indemnitee or the termination of the Indemnitee’s service as an officer, director, employee or agent of the Company and shall inure to the benefit of, and be enforceable by, the Indemnitee’s heirs,
executors, guardians, administrators or assigns. 
 (c) Subrogation. In the event of any payment by the Company under
this Agreement, the Company shall be subrogated to the extent thereof to all rights of recovery previously vested in the Indemnitee, who shall cooperate with the Company, at the Company’s expense, in executing all such instruments and taking
all such other actions as shall be reasonably necessary for the Company to enforce such right or as the Company may reasonably request. 
  

 -8- 

 10. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware, without giving effect to the principles of conflict of laws thereof. 
 11.
Miscellaneous. 
 (a) This Agreement shall become effective as of the Effective Date. 

(b) This Agreement contains the entire agreement of the parties relating to the subject matter hereof. 

(c) Any provision of this Agreement may be amended or waived only if such amendment or waiver is in writing and signed, in the case of an
amendment, by both parties hereto or, in the case of a waiver, by the party against whom the waiver is to be effective. No failure or delay by either party in exercising any right, power or privilege hereunder shall operate as a waiver hereof nor
shall any single or partial exercise thereof preclude any other or future exercise thereof or the exercise of any other right, power or privilege. 

(d) If any provision of this Agreement or the application of any provision hereof to any person or circumstance is held invalid,
unenforceable or otherwise illegal, the remainder of this Agreement and the application of such provision to other persons or circumstances shall not be affected, and the provision so held to be invalid, unenforceable or otherwise illegal shall be
reformed to the extent (and only to the extent) necessary to make it enforceable, valid and legal. 
 (e) Nothing contained in
this Agreement is intended to create in the Indemnitee any separate or independent right to continued employment by the Company. 

(f) This Agreement may be executed in counterparts, but all such counterparts taken together shall constitute one and the same Agreement.

 (g) The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this
Agreement. The use of the word “including” in this Agreement shall be by way of example rather than limitation. The use of the word “or” in this Agreement is intended to be conjunctive rather than disjunctive. 

 

 -9- 

 * * * * * * 

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written. 

MAGELLAN PETROLEUM CORPORATION 
  

							
	By:	 	 /s/ William H. Hastings
	 		 	 /s/ Antoine J. Lafargue

	Name:	 	William H. Hastings	 		 	Antoine J. Lafargue
	Title:	 	President and CEO	 		 	Indemnitee

  

 -10- 

 EXHIBIT 1 

Indemnification Statement 

STATE OF
                                    ) 

                         
                               ) ss. 

COUNTY OF
                                ) 

I,
                                         
           , being first duly sworn, do depose and state as follows: 

1. This Indemnification Statement is submitted pursuant to the Indemnification Agreement, dated August 2, 2010 between Magellan
Petroleum Corporation, a Delaware corporation (the “Company”), and the undersigned. 
 2. I am requesting
indemnification against expenses (including, without limitation, attorneys’ fees and expenses), costs, judgments, damages, fines and amounts paid in settlement, all of which (collectively, “Liabilities”) have been or will be actually
and reasonably incurred by me in connection with an actual or threatened action, suit or proceeding to which I was or am a party or am threatened to be made a party. 

3. With respect to all matters related to any such action, suit or proceeding, I am entitled to be indemnified as herein contemplated
pursuant to the aforesaid Indemnification Agreement. 
 4. Without limiting any other rights which I have or may have, I am
requesting indemnification against Liabilities which have arisen or may arise out of
                                         
                                         
                                         
                                        

			
	  
	 	
	  
	 	
	  
	 	.

  

			
	INDEMNITEE
	
	  

Subscribed and sworn to before me, a Notary Public in and for said County and State, this          day of
                    , 20    . 

[Seal] 
 My commission expires the
         day of                     , 20    . 

 

 EXHIBIT 2 

Undertaking 
 STATE OF
                                    ) 

                         
                               ) ss. 

COUNTY OF
                                ) 

I,
                                         
           , being first duly sworn, do depose and state as follows: 

1. This Undertaking is submitted pursuant to the Indemnification Agreement, dated August 2, 2010, between Magellan Petroleum
Corporation, a Delaware corporation (the “Company”), and the undersigned. 
 2. I am requesting advancement of certain
expenses (including, without limitation, attorneys’ fees and expenses) which I have incurred or will incur in defending a civil, criminal, administrative or investigative action, suit or proceeding. 

3. I hereby undertake to repay this advancement of expenses if it shall ultimately be determined that I am not entitled to be indemnified
by the Company under the aforesaid Indemnification Agreement or otherwise. 
 4. The expenses for which advance is requested
are, in general, all expenses related to
                                         
                

			
	  
	 	
	  
	 	
	  
	 	.

            . 

 

	
	INDEMNITEE
	
	  

 Subscribed and
sworn to before me, a Notary Public in and for said County and State, this          day of
                    , 20    . 

[Seal] 
 My commission expires the
         day of                     , 20    .

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