Exhibit 99.1
For the Year Ended June 30, 2008

(Dollars quoted are US$)
Magellan Petroleum Corporation recorded a net loss of $8,892,000 for the year ended June 30, 2008, compared to net income of $447,000 for the previous fiscal year. A significant factor contributing to the fiscal 2008 net loss was the $13.3 million settlement with the Australian Taxation Office (“ATO”). See Other Significant Information (Item 12).
Revenues were up for the year by $10.2 million or 33%.
Oil sales increased approximately $7.9 million due to an increase in sales volume and an increase in prices. Sales volume from the Nockatunga field increased by 45,059 barrels, which was offset by a decrease of 13,858 barrels in sales from the Mereenie field and the Cooper Basin.
Gas sales were up $2.1 million over 2007. This was essentially due to a 5% increase in the average price per MCF of A$3.39 in 2008 from A$3.24 in 2007 offset by a 5% decrease in sales volume to 5.707 bcf in 2008 from 5.988 bcf in 2007.
Total costs and expenses increased $6.7 million over 2007 to $37.6 million.
Production costs increased $1.9 million to $8.9 million in 2008. This was primarily due to expenditures in the Nockatunga project related to increase production and an increase in field equipment repairs in the Mereenie project.
Exploration and dry hole costs decreased approximately $2.2 million to $3.3 million in 2008. The primary reason for the decrease in 2008 was the decreased drilling costs related to the Cooper Basin drilling program.
Depletion, depreciation and amortization increased $7.3 million to $18.0 million in 2008. This increase was mostly due to depletion of the higher book value of MPAL’s oil and gas properties acquired during fiscal 2006, increased depletion in the Nockatunga project due to increased production and capitalized costs and increased depreciation on revised asset retirement obligations offset by lower depletion in the Mereenie, Palm Valley and Cooper Basin projects due to lower depletable costs.
For the year ended June 30, 2008, depletion expense of $18.0 million includes a $2.8 million correction to depletion expense reported on Form 4D for the six months ended December 31, 2007.
Auditing, accounting and legal expenses increased $474,000 in 2008 primarily because of increased legal fees incurred in connection with the ATO audit (see Item 12) and required filings with the Australian Stock Exchange.
Accretion expense increased $198,000 to $716,000 in 2008. This was due mostly to accretion of restoration provisions recorded in 2007 relating to new wells drilled in the Nockatunga project.

- 6 -

The following information was filed by Magellan Petroleum Corp (MPET) on Wednesday, September 3, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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