Magellan to Withdraw Boston Stock Exchange Listing

Magellan Petroleum Corporation announced its intent to withdraw the listing of its common stock on the Boston Stock Exchange.

The Company is withdrawing its Boston Stock Exchange listing in order to lower its overall listing fees and eliminate duplicative compliance burdens. The withdrawal from the Boston Stock Exchange is expected to be effective in approximately three weeks.

Following the Boston Stock Exchange withdrawal, the Company's common shares will continue to trade in the United States on the Nasdaq Capital Market under the trading symbol "MPET". In addition, the Company's common shares (in the form of CHESS Depository Interests or "CDIs") will continue to trade on the Australian Stock Exchange under the trading symbol "MGN". Because of their continued listing on the Nasdaq Capital Market, the Company's common shares will remain registered with the SEC under Section 12(b) of the Securities Exchange Act of 1934. Accordingly, the Company will continue to file with the U.S. Securities and Exchange Commission all periodic and other reports required under the Exchange Act in the future.