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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001209191-09-031533.txt : 20090610
<SEC-HEADER>0001209191-09-031533.hdr.sgml : 20090610
<ACCEPTANCE-DATETIME>20090610084625
ACCESSION NUMBER:		0001209191-09-031533
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20081211
FILED AS OF DATE:		20090610
DATE AS OF CHANGE:		20090610

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Hastings William H.
		CENTRAL INDEX KEY:			0001452167

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05507
		FILM NUMBER:		09883366

	MAIL ADDRESS:	
		STREET 1:		2 THURSTON LANE
		CITY:			FALMOUTH
		STATE:			ME
		ZIP:			04105

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>c86640_4x0.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-12-11</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001452167</rptOwnerCik>
            <rptOwnerName>Hastings William H.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>P.O. BOX 337</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CUMBERLAND</rptOwnerCity>
            <rptOwnerState>ME</rptOwnerState>
            <rptOwnerZipCode>04021-0337</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President/CEO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Non-qualified stock option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.20</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-12-11</value>
                <footnoteId id="F1"/>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1837500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2018-12-11</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1837500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1837500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Non-qualified stock option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.20</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-12-11</value>
                <footnoteId id="F1"/>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>875000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2018-12-11</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>875000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>875000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The reporting person was awarded 1,837,500 time-based options and 875,000 performance based options on December 11, 2008.  The options were expressly conditioned upon the receipt of shareholder approval of the replenishment and amendment and restatement of the Company's 1998 Stock Incentive Plan, which shareholder approval was obtained on May 27, 2009.</footnote>
        <footnote id="F2">The time-based options awarded on December 11, 2008 vest as follows: 612,500 options vest in full on December 11, 2009; 612,500 options vest in full on December 11, 2010; and 612,500 options vest in full on December 11, 2011.</footnote>
        <footnote id="F3">The performance-based options awarded on December 11, 2008 shall vest in full upon the attainment of either of the following mutually acceptable performance goals:  (i) upon monetizing the uncontracted gas reserves held by Magellan Petroleum Australia Limited (the Company's wholly-owned subsidiary), at the Amadeus Basin fields, or (ii) upon the closing price of the Company's common stock being at or above $1.50 per share of stock for a period of sixty (60) consecutive trading days.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ William H. Hastings, by Edward B. Whittemore, attorney-in-fact</signatureName>
        <signatureDate>2009-06-10</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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