October 2011

Magellan Petroleum

SEAAOC 2011

Exhibit 99.1

1

NASDAQ: MPET

www.magellanpetroleum.com

Forward Looking Statements

Statements

in

this

presentation

which

are

not

historical

in

nature

are

intended

to

be,

and

are

hereby

identified

as,

forward-looking

statements

for

purposes

of

the

Private

Securities

Litigation

Reform

Act

of

1995.

These

statements

about

Magellan

and

Magellan

Petroleum

Australia

Limited

(“MPAL”)

may

relate

to

their

businesses

and

prospects,

revenues,

expenses,

operating

cash

flows,

and

other

matters

that

involve

a

number

of

uncertainties

that

may

cause

actual

results

to

differ

materially

from

expectations.

Among

these

risks

and

uncertainties

are

the

following:

the

ability

of

Magellan

and

Santos

to

complete

and

implement

the

terms

of

the

Santos

asset

swap/sales

agreement

and

gas

sales

contract,

including

securing

the

customary

approvals

necessary

to

complete

the

asset

swap,

the

future

outcome

of

the

negotiations

by

Santos

with

its

customers

for

gas

sales

contracts

for

the

remaining

uncontracted

reserves

in

the

Amadeus

Basin,

the

production

volume

at

Mereenie

and

whether

it

will

be

sufficient

to

trigger

the

bonus

amounts

provided

for

in

the

Santos

asset

swap/sales

agreement,

the

ability

of

the

Company

to

successfully

develop

its

existing

assets,

the

ability

of

the

Company

to

secure

gas

sales

contracts

for

the

uncontracted

reserves

at

Dingo,

the

ability

of

the

Company

to

implement

a

successful

exploration

program,

pricing

and

production

levels

from

the

properties

in

which

Magellan

and

MPAL

have

interests,

the

extent

of

the

recoverable

reserves

at

those

properties,

the

profitable

integration

of

acquired

businesses,

including

Nautilus

Poplar

LLC,

the

likelihood

of

success

of

the

drilling

program

at

the

Poplar

Fields

by

the

Company’s

new

farm-in

partner,

VAALCO

Energy,

and

the

results

of

the

ongoing

production

well

tests

in

the

U.K.

In

addition,

MPAL

has

a

large

number

of

exploration

permits

and

faces

the

risk

that

any

wells

drilled

may

fail

to

encounter

hydrocarbons

in

commercially

recoverable

quantities.

Any

forward-looking

information

provided

in

this

report

should

be

considered

with

these

factors

in

mind.

Magellan

assumes

no

obligation

to

update

any

forward-looking

statements

contained

in

this

report,

whether

as

a

result

of

new

information,

future

events

or

otherwise.

Oil

and

gas

issuers

are

required

to

include

disclosure

regarding

proved

oil

and

gas

reserves

in

certain

filings

made

with

the

U.S.

Securities

and

Exchange

Commission.

Proved

reserves

are

the

estimated

quantities

of

crude

oil,

natural

gas,

and

natural

gas

liquids

which

geological

and

engineering

data

demonstrate

with

reasonable

certainty

to

be

recoverable

in

future

years

from

known

reservoirs

under

existing

economic

and

operating

conditions,

i.e.,

prices

and

costs

as

of

the

date

the

estimate

is

made.

The

SEC

also

permits

the

disclosure

of

probable

and

possible

reserves

which

are

additional

reserves

that

are

less

certain

to

be

recovered.

Investors

are

urged

to

consider

closely

the

disclosures

in

Magellan’s

periodic

filings

with

the

SEC

available

from

us

at

the

company’s

website

www.magellanpetroleum.com

2

NASDAQ: MPET

www.magellanpetroleum.com

On

September

14,

2011,

Magellan

entered

into

an

agreement

with

Santos

to

swap

its

interest

in

the

Mereenie

field

for

the

purchase

of

the

remaining

interest

in

the

producing

Palm

Valley

gas

field

and

exploration

Dingo

field,

all

three

fields

located

in

the

Amadeus

basin,

onshore

Australia.

Upon

completion

of

this

transaction,

which

is

subject

to

customary

approvals

and

expected

to

close

in

the

very

near

future,

the

Company

will

receive

the

new

asset

interests

described

above,

a

cash

contribution,

and

further

subsequent

bonus

payments

contingent

upon

future

production..

In

addition,

the

Company

also

entered

into

a

long

term

gas

supply

agreement

with

Santos

for

its

Palm

Valley

gas

field,

which

will

provide

incremental

revenue

and

cash

flows

to

support

the

Company's

ongoing

operations

in

Australia.

Australian Rationalization

Recent Deals

Montana Development

In

parallel,

the

Company

focused

on

its

under-

developed,

multiple

formation,

producing

oil

field

in

Montana,

the

Poplar

Field.

Building

from

the

acquisition

of

3D

seismic

in

2010,

and

the

acquisition

of

a

set

of

cores

and

further

data

from

a

new

well

spud

in

2010,

the

Company

entered

into

a

farm

out

agreement

with

VAALCO

Energy

for

the

Bakken

and

deep

formations

of

the

Poplar

Field.

VAALCO

Energy

committed

to

drill

three

new

wells

in

the

Poplar

Field

by

December

2012

and

paid

$5

million

on

September

6,

2011

in

consideration

for

a

65%

working

interest

in

these

Deep

Intervals.

The

Company

will

retain

a

35%

working

interest

in

the

Deep

Intervals

and

will

continue

to

hold

its

current

interest

in

all

formations

above

the

Bakken

formation,

including

the

currently

producing

Charles

and

Tyler

formations

where

all

Poplar

proved

and

probable

reserves

are

located.

This

transaction

will

enable

the

Company

to

continue

to

focus

on

the

development

of

the

Charles

formation

while

also

testing

the

Bakken,

Red

River

and

other

potential

deep

formations

in

the

Poplar

Field.

3

NASDAQ: MPET

www.magellanpetroleum.com

BUSINESS UNITS (NASDAQ:MPET)

Magellan operates through two wholly owned subsidiaries

Magellan Petroleum Australia Limited: 

Australia    (subject to customary approvals)

–

Palm Valley Gas Field    (100% Operator)

–

Dingo Gas Field     (100 % Operator)

–

NT/P82 Offshore Bonaparte Basin    (100% Operator)

United Kingdom

–

13 exploration focused Licenses

–

Markwells Wood Well oil discovery  being tested

–

Significant shale development prospects

Nautilus Poplar LLC

United States, Montana

–

Poplar Fields    (100% Operator)

–

23,000 acres, Proven Producing Reserves

–

Active Drilling, Development, and deeper Bakken & Red River

partnership

COMPANY SUMMARY

Company Profile

Production/ Testing Operations

Montana

United Kingdom

Australia

Shares Out-

~52mln

MPET on the NASDAQ

MGN on the ASX

4

NASDAQ: MPET

www.magellanpetroleum.com

VAALCO Transaction and Nautilus Consolidation

September 14, 2011

Magellan Santos contemplate Asset Transfer

Subject to customary approvals

Magellan

will

own

100%

of

Palm

Valley

and

Dingo

Santos will own 100% of Mereenie

Magellan receives cash plus production bonuses

Entered into a Gas Supply Agreement (GSPA) with

Santos

September 2-7, 2011

Magellan completed two transactions

Consolidation into 100% interest in Poplar Fields

Partial sale of Poplar deep rights to VAALCO

VAALCO drills and carries MP in 3 deep wells

–

1 horizontal well in Bakken

–

1 well in deeper Red River formation

–

1 well drilled by VAALCO to zone of their

choosing

Santos Transaction   10K Release

Transaction Overview

5

NASDAQ: MPET

www.magellanpetroleum.com

100%  interest (Operator)

200sqkm

Discovered in 1965

5-9 wells

155 BCF cumulative production

Term gas sales arrangements

100% interest (Operator).   Large areal feature

Exploration well Dingo 1 drilled 1981

–

DST rate 1.45 MMscf/d

Appraisal well Dingo 2 drilled in 1984

–

DST rate 1.38 MMscf/d

Appraisal well Dingo 3 drilled in 1990

–

DST rate 2.86 MMscf/d

Clear market interest in gas deliverability

Palm Valley –

Dingo

Dingo Gas Field

Palm Valley Gas Field

6

NASDAQ: MPET

www.magellanpetroleum.com

Magellan was granted Exploration Permit

for Petroleum NT/P82 (100% interest)

over Area NT09-1

Permit covers 6,000 sq km

Currently reprocessing and interpreting

2D and 3D seismic results

Bonaparte Basin

NT/P82

7

NASDAQ: MPET

www.magellanpetroleum.com

U.S Domestic Operations

8

NASDAQ: MPET

www.magellanpetroleum.com

Geography

Location: Roosevelt County, MT

Acreage: 23,000

Charles Formation Production  (CO2 flood candidate)

Well count: 145 –

34 active

Well spacing: 160 acres

Production start: 1955

OOIP: ~700MMstb

Cumulative oil produced: 52 MMbbl

Recovery factor: ~7%

Current production: 250bopd with drilling and

recompletion ongoing

Charles Formation Reservoir

API gravity: 40

Top depth: c. 5,400 ft ss (TVD)

Net thickness: 30-65 ft

Porosity: 5-17%

Poplar Fields, Montana U.S.

Poplar Montana

Poplar Field

Bakken

play

Poplar

Poplar

Dome

Dome

9

NASDAQ: MPET

www.magellanpetroleum.com

Stacked Pay

Several stacked pay zones –

recently confirmed by EPU#119

well drilled in Nov 2010.

1.

Judith

River:

Potential

for

shallow

gas

production

with

interested industrial buyer

2.

Tyler:

300

Mbbls

produced

from

5

wells

since

1969

3.

Charles:

52

MMbbls

produced

since

1955,

c.

7%

of

OOIP

4.

Bakken/Three

Forks:

60

ft

of

core

with

oil

shows

5.

Nisku:

200

Mbbls

produced

from

1

well

since

1969;

6.

Red

River:

Significant

geological

potential

but

no

flow

samples

yet

Poplar Multiple Horizons

10

NASDAQ: MPET

www.magellanpetroleum.com

Recent Drilling Activity

Wells by operator

11

NASDAQ: MPET

www.magellanpetroleum.com

United Kingdom Operations

12

NASDAQ: MPET

www.magellanpetroleum.com

40%  interest

Markwells Wood-1 oil

discovery November

2010

West Sussex, UK

Work over rig arrived

September 6, 2011

Conducting extended

well

Onshore United Kingdom

Markwells Wood Well

13

NASDAQ: MPET

www.magellanpetroleum.com

The acreage is held by Celtique (50%,

Operator) and Magellan (50%)

The Weald Basin area is located in

countryside south west of London, close

to the large south east UK energy

market and proximal to major gas trunk

lines and refineries

Licences cover contiguous 1,000 sq

kms (247,000 acres)

Actively marketing shale development

farm in, likely will need to gain further

data

Cuadrilla Balcombe-1 adjacent to SE

UK Shale Acreage Update

UK Shale

14

NASDAQ: MPET

www.magellanpetroleum.com

Executive Transition Review

Thank you.