Magellan Petroleum Corp. reported an update on its exploration and development activities in various oil and gas basins in the United States, Australia and the United Kingdom.

Magellan Petroleum Corporation said that in the Weald Basin in the United Kingdom, the company has consulted with its partners and has decided to start drilling the Markwells Wood 1 well. The Markwells Wood 1 well is located in Horndean oil field.

Magellan Petroleum Corporation said that the well was originally delayed because of cost overruns out of its control since the company was not the operator of the well. Magellan Petroleum Corporation is attempting to sell its operations in the United Kingdom, but has decided to proceed with the well until a buyer is found.

Magellan Petroleum Corporation is in the early stages of planning a carbon dioxide flood program at the company’s East Poplar prospect in Montana. The company plans to conduct oil saturation testing during the summer of 2010 as part of this planning process. Magellan Petroleum Corporation is targeting the Tyler and Nisku formations at the East Poplar prospect.

Magellan Petroleum Corporation has placed the company’s oil and gas assets in Australia up for sale. These include interests in the Mereenie oil and gas field and the Palm Valley and Dingo gas fields. The company reported that it is close to finding a buyer for these properties.

For more information on the company, go to www.magellanpetroleum.com