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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 FX5Z7/lXee88PUJGXSkyHdaXAzcEm2ZWSJbGFrbGMQo7ki2brpMfhSwcAXWgv5w0
 ok0/ww1hgqqu58zBl5ScnQ==

<SEC-DOCUMENT>0001181431-10-060737.txt : 20101210
<SEC-HEADER>0001181431-10-060737.hdr.sgml : 20101210
<ACCEPTANCE-DATETIME>20101210143929
ACCESSION NUMBER:		0001181431-10-060737
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101208
FILED AS OF DATE:		20101210
DATE AS OF CHANGE:		20101210

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MCCANN WALTER
		CENTRAL INDEX KEY:			0001253007

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05507
		FILM NUMBER:		101244650

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MAGELLAN PETROLEUM CORP /DE/
		CENTRAL INDEX KEY:			0000061398
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				060842255
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		10 COLUMBUS BLVD
		STREET 2:		10 FLOOR
		CITY:			HARTFORD
		STATE:			CT
		ZIP:			06106
		BUSINESS PHONE:		8602932006

	MAIL ADDRESS:	
		STREET 1:		10 COLUMBUS BLVD
		STREET 2:		10 FLOOR
		CITY:			HARTFORD
		STATE:			CT
		ZIP:			06106

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MAGELLAN PETROLEUM CORP PANAMA
		DATE OF NAME CHANGE:	19671130
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd293138.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-12-08</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000061398</issuerCik>
        <issuerName>MAGELLAN PETROLEUM CORP /DE/</issuerName>
        <issuerTradingSymbol>MPET</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001253007</rptOwnerCik>
            <rptOwnerName>MCCANN WALTER</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>920 DAMASCUS CHURCH ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CHAPEL HILL</rptOwnerCity>
            <rptOwnerState>NC</rptOwnerState>
            <rptOwnerZipCode>27516</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-12-08</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>15000</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>126868</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">On December 8, 2010, the date of the Company's annual shareholder meeting, 15,000 shares of the Company's common stock were awarded to the reporting person under Section 9 of the Company's 1998 Stock Incentive Plan (&quot;Plan&quot;), pursuant to the terms of the Company's non-employee director compensation policy (&quot;Policy&quot;). The Policy provides for an annual stock award with a value equal to $35,000 to be made to each non-employee director on either July 1st or the date of the annual shareholder meeting held during each Company fiscal year, subject to a cap of 15,000 shares (the difference in value between the shares and $35,000 to be paid in cash). Consistent with the terms of the Policy, the number of shares awarded on December 8, 2010 was limited to the number of shares the reporting person was entitled to receive under the Plan as of July 1, 2010 since, as of that date, there was an insufficient number of shares available under the Plan to make the annual awards to ea
ch eligible director.</footnote>
        <footnote id="F2">The fair market value of a share of the Company's common stock on July 1, 2010 was $1.83, calculated in accordance with the terms of the Plan.</footnote>
        <footnote id="F3">Amount reported does not include beneficial ownership of the shares subject to stock options held by the reporting person which have previously been reported in Table II.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Walter McCann, by Edward B. Whittemore, attorney-in-fact</signatureName>
        <signatureDate>2010-12-10</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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