Rainbird 1 PEL 93 to be Plugged and Abandoned

Magellan Petroleum says that its 100% owned subsidiary, Magellan Petroleum Australia Limited ("MPAL") advises the following drilling report.

The Rainbird 1 exploration well in PEL 93 reached a total depth of 2,154 meters after encountering a thicker section of Patchawarra Formation than prognosed. Wireline logs were run, which indicated that there were no commercial hydrocarbons in the Cretaceous or Jurassic-aged objective horizons.

Residual oil is interpreted in the Patchawarra Formation associated with the gas anomalies previously reported. The well is being plugged and abandoned.

Magellan participated in Rainbird 1 under a farmin agreement with Stuart Petroleum, Cooper Energy and Red Sky Energy. The Company would have earned a 24.5% participating interest in the Rainbird area in the event of a commercial discovery.