Magellan Increases Stake in Browse Basin

Magellan Petroleum Australia Limited has increased its equity in permits WA-306-P and WA-307-P from 37.5% to 50%. The additional 12.5% interest is half of the 25% interest previously held by Rawson Resources Ltd, who has withdrawn from the venture. Antrim Energy Australia Pty Limited, Operator and the other remaining venturer, has similarly increased its interest to 50%.

The Floreana Plazas Marine Seismic Survey of 1,044 km of 2D seismic commenced on April 24, 2003. The survey is designed to highgrade the additional leads and prospects on the 80 km Galapagos-shark trend. Upon completing the integration of the results of the survey, the Joint Venture will seek additional industry partners to fund the drilling of the earlier defined Galapagos prospect.

Participants in the Gregory River-3 well are Antrim Energy Australia Pty Limited as operator with 50% and Magellan Petroleum with the other 50%.