8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): December 13, 2007 (December 12, 2007)

Magellan Petroleum Corporation

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

1-5507	06-0842255
(Commission File Number)	(IRS Employer Identification No.)

10 Columbus Boulevard, Hartford, CT	06106
(Address of Principal Executive Offices)	(Zip Code)

860-293-2006

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

     o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events

          On December 12, 2007 Magellan Petroleum Corporation (the “Company”) announced the voting results of its 2007 annual meeting of shareholders held on December 6, 2007 in Hartford, Connecticut (the “Annual Meeting”), including the approval by the Company’s shareholders of a resolution authorizing the Board of Directors, in its sole and absolute discretion without further action of the shareholders, to amend the Company’s Restated Certificate of Incorporation to implement a reverse stock split of the Company’s common stock at a ratio of not less than 1-for-2 and not greater than 1-for-10 at any time prior to December 31, 2009, with the exact ratio to be determined by the Board of Directors.

          A copy of the Company’s press release dated December 12, 2007 reporting on the voting results of the Annual Meeting is attached hereto as Exhibit 99.1 and is hereby incorporated by reference.

          At the Annual Meeting, Robert Mollah, a director of the Company and Chairman of the Board of Magellan Petroleum Australia Limited, the Company’s wholly-owned subsidiary, made a slide presentation to shareholders in attendance at the Annual Meeting.

          A copy of the Annual Meeting slide presentation is attached hereto as Exhibit 99.2 and is hereby incorporated by reference.

Item 9.01 Financial Statements and Exhibits

     (c) Exhibits

99.1	Press Release of the Company, dated December 12, 2007, regarding voting results of the 2007 annual meeting of shareholders.
99.2	Company Slide Presentation to Shareholders at the 2007 Annual Meeting, December 6, 2007.

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

	MAGELLAN PETROLEUM CORPORATION
	By:	/s/ Daniel J. Samela
		Name: Daniel J. Samela
		Title: President, Chief Executive
		Officer And Chief Financial Officer
Dated: December 13, 2007

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EXHIBIT INDEX

Exhibit No.	Description	Page No.
99.1	Press Release of the Company, dated December 12, 2007, regarding voting results of the 2007 annual meeting of shareholders.		5
99.2	Company Slide Presentation to Shareholders at the 2007 Annual Meeting, December 6, 2007.		7

EX-99.1

Exhibit 99.1

Magellan Petroleum’s Shareholders Approve Board Discretionary
Authority for a Reverse Stock Split and Elect Directors

Hartford, Conn., December 12, 2007 — Magellan Petroleum Corporation (Nasdaq: MPET; ASX: MGN) (the “Company”) announced that the Company held its 2007 annual meeting of shareholders on December 6, 2007, in Hartford, Connecticut. At the Annual Meeting, the Company’s shareholders overwhelmingly voted, by a margin of greater than 3-to-1, in favor of a resolution to authorize the Company’s Board of Directors, in its sole and absolute discretion without further action of the shareholders, to implement a reverse stock split of the Company’s common stock at a ratio of not less than 1-for-2 and not greater than 1-for-10 at any time prior to December 31, 2009, with the exact ratio to be determined by the Board of Directors (the “Reverse Split”).

Walter McCann, Chairman of the Board of Directors, commented “The Company is pleased that our shareholders voted overwhelmingly in favor of the resolution to give the Board the authority to implement a Reverse Split in the future, should circumstances warrant taking this step. As we stated in our proxy statement and to shareholders attending the 2007 Annual Meeting, the Board of Directors believes that the continued listing of the Company’s common stock on the Nasdaq marketplace is of critical importance to shareholders. Any decision in the future to implement the Reverse Split will only be made to preserve the liquidity of the Nasdaq trading market for our stockholders, and then only if the implementation of a Reverse Split is determined by the Board to be in the best interests of the Company and its shareholders.”

At the 2007 Annual Meeting, the Company’s shareholders also voted to re-elect Walter McCann and Ronald Pettirossi to the Company’s Board of Directors, to hold office for a term of three years expiring with the 2010 Annual Meeting of Shareholders, and to ratify the appointment of Deloitte & Touche LLP as the Company’s independent auditors for the fiscal year ending June 30, 2008.

Forward Looking Statements

Statements in this press release which are not historical in nature are intended to be, and are hereby identified as, forward looking statements for purposes of the “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. The Company cautions readers that forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward looking statements. Among these risks and uncertainties are the ultimate outcome of the MPAL tax audit by the Australian Taxation Office, pricing and production levels from the properties in which the Company has interests, and the extent of the recoverable reserves at those properties. In addition, the Company has a large number of exploration permits and faces the risk that any wells drilled may fail to encounter hydrocarbons in commercially recoverable quantities. The Company undertakes no obligation to update or revise forward- looking statements, whether as a result of new information, future events, or otherwise.

For further information, please contact Daniel Samela at (860) 293-2006.

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EX-99.2

Exhbit 99.2

PRESENTATION TO THE ANNUAL GENERAL MEETING 6 December 2007 MAGELLAN PETROLEUM CORPORATION

Magellan Petroleum Australia Limited (MPAL) Interests Interests Interests

Magellan Petroleum Australia Limited (MPAL) Revenue Comparison Revenue Comparison Revenue Comparison

MPAL Gas Sales

MPAL Oil Sales

Market uncommitted Mereenie and Palm Valley gas Production optimization of Mereenie oil and gas potential Drill oil and gas development wells if commercially viable Control costs in Mereenie and Palm Valley Mereenie and Palm Valley Fields Magellan's Three Businesses

Cooper Basin Optimize production in the Nockatunga assets following the 2007 drilling campaign Drill appraisal/development wells in Nockatunga assets if commercially viable Manage the exploration portfolio in the Cooper Basin with an emphasis on lower risk opportunities Drill Bales-1 farmout well in PEL 110 (at no cost to Magellan) Onshore UK Progress planning for drilling Markwells Wood-1, Leigh Park-1 and Hedge End-2. Drilling to commence first quarter 2008. Progress farmout of PEDLs 135/136/137 for drilling in 2008/2009 Bid in 13th Onshore Round of UK licensing Magellan's Three Businesses

Amadeus Basin Assets Amadeus Basin Assets

Gas Sales Contracts (Proved and Probable Reserves) (Proved and Probable Reserves) (Proved and Probable Reserves)

Cooper-Eromanga Basins Cooper-Eromanga Basins

South Australia - PEL 107

Nockatunga Area S-W Queensland S-W Queensland S-W Queensland

Maryborough Basin Coal Bed Methane Potential Potential Potential Potential

United Kingdom United Kingdom

UK Prospects Central Weald Basin

UK Prospects North Weald Basin

Nockatunga (Magellan 40%) Muthero-4, 5, 6 & 7 on production Thungo-9, 10, 11 & 13 on production Dilkera North-1 on production Kamel-1 completed for production Maxwell-5 completed for production Currambar-1 brought on production 2007 Successes

Drilling Program 2007 - 2008 Exploration Development / Appraisal 2007 Q1 SA - PEL94 Tunkalilla-1 SA - PEL94 Telowie-1 QLD - ATP613P Burrum-1 & 2 QLD - PL51 Dilkera North-1 & Kamel-1 QLD - PL51 Nockatunga Muthero-4, 5, 6 & 7 Thungo-9, 10, 11, 13 2007 Q3 SA - PEL 93 Rainbird-1 & Patron-1 2007 Q4 QLD - PL33 Burundi-1 QLD - PL50 Maxwell-5 2008 Q1 SA - PEL110 Bales-1 2008 Q2 UK - PEDL126 Markwells Wood-1 2008 Q3 UK - PEDL155 Leigh Park-1 QLD - 2 appraisal wells in Nockatunga assets 2008 Q4 UK - PEDL135 Puttenham-1 UK - PEDL137 Collendean-1

Thank You