Magellan Farms in to Kiana -1 and Tyringa-1 PEL 107 Cooper Basin, South Au

Magellan Petroleum has entered into a Heads of Agreement with Great Artesian Oil and Gas Limited to farm in to the upcoming Kiana-1 and Tyringa-1 wells in PEL 107 located in the Cooper Basin in South Australia.

Under the terms of the Agreement, and in return for funding Great Artesian's portion of the cost of these two wells, Magellan will earn a 30% interest in any Production Licenses subsequently granted in the event of a commercial discovery in either well. In addition, and subject to it funding additional drilling in either the PEL 107 or PEL 106 permits, Magellan has secured an option to farm in to the greater PEL 107 and PEL 106 Permit areas.

The Agreement reached with Great Artesian represents a continued focusing of exploration activities and expansion of acreage positions in Magellan's core areas. In addition to the farm in activities with Great Artesian in the South Australian Cooper Basin, Magellan is actively assessing several drilling candidates that have emerged from the recent 3D seismic acquisition in its Nockatunga Production Licences (PL 33 & PL 50). Drilling in these areas is likely to commence in the fourth quarter of 2005. Activity in Magellan's Southern United Kingdom acreage is also set to increase with the impending drilling of the Sandhills-2 well on the Isle of Wight (PEDL 098).

Magellan looks forward to participating in the initial Kiana-1 and Tyringa-1 wells and to establishing a longer term relationship with Great Artesian through success in these wells and the possible exercise of the options contained in the Agreement.

     Kiana-1 Details:

     Petroleum Title:         PEL 107.
     Location:                Cooper Basin, South Australia.
     Coordinates:             Latitude: 28 degrees 09' 00.70" South.
                              Longitude: 139 degrees 52' 26.56" East (GDA 94).
     Drilling Rig:            Century Rig 3.
     Proposed Total Depth:    2,043 metres RT.
     Objective:               The Jurassic Namur Sandstone and Birkhead
                              Formations are considered targets for the well
                              as these are oil productive in the nearby
                              Spencer West and Spencer Fields.
     Expected Spud date:      Early August 2005

     Tyringa-1 Details:

     Petroleum Title:         PEL 107.
     Location:                Cooper Basin, South Australia.
     Coordinates:             Latitude: 28 degrees 13' 10.38" South.
                              Longitude: 139 degrees 48' 02.08" East (GDA 94).
     Drilling Rig:            Century Rig 3.
     Proposed Total Depth:    1,972 metres RT.
     Objective:               The Jurassic Namur Sandstone and Birkhead
                              Formations are considered targets for the well
                              as these are oil productive in the nearby
                              Spencer West and Spencer Fields.
     Expected Spud date:      Late August 2005

     Participants in the Cooper Basin wells are:

     Great Artesian              30%
     Magellan Petroleum          30%
     Beach Petroleum Ltd         40% (Operator)
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