Tellurian (TELZ) 8-K Regulation FD Disclosure

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SEAAOC Darwin  1

SEAAOC

William H. Hastings

23

rd

September, 2010;   Darwin

Exhibit 99.1

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SEAAOC Darwin  2

Forward Looking Statements

Except

for

historical

information,

this

presentation

contains

forward

looking

statements

and

information

with

respect

to

net

oil

and

gas

reserve

assertions,

valuations

and

key

development

assumptions

and

timing,

gas

sales

in

Australia

and

its

valuation,

potential

development

projects,

and

exploration

and

drilling

plans.

These

statements

are

subject

to

risks

and

uncertainties

that

could

cause

actual

results

to

differ

materially

from

those

expressed

or

implied

from

such

information.

Among

these

risks

and

uncertainties

are

the

ability

of

Magellan

Petroleum

Australia

Limited

(“MPAL”),

with

the

assistance

of

the

Company,

to

successfully

and

timely

close

the

Evans

Shoal

acquisition,

the

ability

of

the

Company

to

successfully

secure

financing

and/or

offtake

opportunities

necessary

to

implement

a

strategy

for

methanol

development,

pricing

and

production

levels

from

the

properties

in

which

Magellan

and

MPAL

have

interests,

the

extent

to

which

demand

for

methanol

continues

to

grow

in

targeted

markets,

the

extent

to

which

methanol

can

be

used

as

an

economical

fuel

alternative,

the

extent

of

the

recoverable

reserves

at

those

properties,

the

profitable

integration

of

acquired

businesses,

including

Evans

Shoal,

the

future

outcome

of

the

negotiations

for

gas

sales

contracts

for

the

remaining

uncontracted

reserves

at

both

the

Mereenie

and

Palm

Valley

gas

fields

in

the

Amadeus

Basin,

including

the

likelihood

of

success

of

other

potential

suppliers

of

gas

to

the

current

customers

of

Mereenie

and

Palm

Valley

production.

In

addition,

Magellan,

and

its

operating

subsidiaries

have

exploration

permits

and

face

the

risk

that

any

wells

drilled

may

fail

to

encounter

hydrocarbons

in

commercially

recoverable

quantities.

Any

forward-looking

information

provided

in

this

presentation

should

be

considered

with

these

factors

in

mind.

Magellan

assumes

no

obligation

to

update

any

forward-looking

statements

contained

in

this

presentation,

whether

as

a

result

of

new

information,

future

events

or

otherwise.

Oil

and

gas

issuers

are

required

to

include

disclosure

regarding

proved

oil

and

gas

reserves

in

certain

filings

made

with

the

U.S.

Securities

and

Exchange

Commission.

Proved

reserves

are

the

estimated

quantities

of

crude

oil,

natural

gas,

and

natural

gas

liquids

which

geological

and

engineering

data

demonstrate

with

reasonable

certainty

to

be

recoverable

in

future

years

from

known

reservoirs

under

existing

economic

and

operating

conditions,

i.e.,

prices

and

costs

as

of

the

date

the

estimate

is

made.

The

SEC

also

permits

the

disclosure

of

probable

and

possible

reserves

which

are

additional

reserves

that

are

less

certain

to

be

recovered.

Investors

are

urged

to

consider

closely

the

disclosures

in

Magellan’s

periodic

filings

with

the

SEC

available

from

us

at

the

company’s

website

www.magellanpetroleum.com

NASDAQ: MPET    

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SEAAOC Darwin  3

Company Profile:

Magellan

Petroleum

Corporation,

through

its

wholly

owned

subsidiary,

Magellan

Petroleum

Australia

Limited,

and

its

majority

controlling

interest

in

Nautilus

Poplar

LLC,

is

engaged

in

the

exploration,

development,

and

sale

of

oil

and

gas

reserves

worldwide.

The

Company’s

operations

are

in

Australia,

North

America,

and

in

the

United

Kingdom.

The

Company

has

a

differentiated

business

model

guided

by

personnel

with

over

100

man-years

of

large

oil

company

experience.

Magellan

adds

value

to

large

assets

through

unconventional

commercial

solutions

such

as

Methanol

production

for

high

CO2

fields,

and

CO2

“tertiary”

flooding

in

overlooked

reservoir

plays.

The

Company

also

holds

23,000

contiguous

acres

overlying

Bakken

oil

shale.

Company

endeavors

include

a

significant

partner

base;

we

work

with

Petronas,

Shell,

and

Osaka

Gas,

and

Northern

Petroleum.

Business Summary:

Company Profile

Pacific -

Develop discovered/proven natural gas

fields to service growing Fuel Oxygenate and Olefins

demand in Asia; mainly China

North America -

Redevelop overlooked domestic

onshore oil fields

using Enhanced Oil Recovery

techniques and new technologies

NASDAQ: MPET     Magellan Petroleum Corporation     www.magellanpetroleum.com

SEAAOC Darwin 4

Focus on Australian Plans

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SEAAOC Darwin  5

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Long-time, onshore Australian Producer

–

In business since 1954

–

25 years of gas supply to Darwin uninterrupted

–

Three fields onshore,  licenses offshore

–

P1 and P2 reserves,  2.8mmbbl and 49BCF net

•

Evans Shoal and NT/P82 offshore

–

Contracts to acquire highly prospective licenses offshore

–

Potential for significant and economic Methanol plan

•

Mereenie Oil Field,  onshore Australia

–

Undrilled, significant contingent resources remain

–

Large oil ring with gas cap

–

Fuel gas for industrial development in Darwin

–

Substantial  potential due to new drilling technology

–

Santos is the Operator

•

Palm Valley Gas Field,  onshore Australia

–

Tight, highly fractured gas reservoir

–

Current supplier of Alice Springs volumes

–

Operator, Magellan

Australia

NASDAQ: MPET     Magellan Petroleum Corporation     www.magellanpetroleum.com

SEAAOC Darwin 6

A New Direction

Evans Shoal and Methanol

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SEAAOC Darwin  7

Evans Shoal and Methanol

•

Methanol

production

can

use

up

to

25%

CO2

in

feedstock

–

Steam Methane Reforming

o

CH

4

+ H2O = CO + 3H2

–

Water Gas shift reaction

o

CO + H2O = CO2

+ H2

–

Methanol Synethesis

o

CO + 2H2

= CH3OH

–

Excess Hydrogen plus CO2

•

CO2

+3H2

= CH3OH + H2O

Market timing is good. 

Methanol leads to reduced oil imports and more efficient fuel consumption in Asia.  

It is a low-cost, environmentally-friendly feedstock for Olefins.

Our project capitalizes on China’s large CAGR and emerging Methanol derivative Markets

Methanol

Evans Shoal

•

Key role in a larger value creation chain that ends up in Olefins or fuel markets in Asia

•

Ideally situated in shallow water close to existing facilities with good reservoir data

•

Larger Companies focus on bigger LNG business at fields that don’t require CO2 management

•

Evans Shoal has significant CO2 content

Evans Shoal -

Closest  Supply

Magellan Business Model

Develop “discovered”

resource for Asia

Utilize Methanol as development tool;

1.Lowest cost Olefins feed (Polyethylene)

2.Methanol is mandated as fuel oxygenate in China

3.Methanol augments Chinese propane systems

Gas Fields

Key to China’s economy for next 50 years

Process  uses CO2

NASDAQ: MPET    

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SEAAOC Darwin  9

Supply and Demand

Methanol

North East Asia Forecasted Annual Growth Rates of 13-15%

Current 18mmtpy or 44% of Global Demand

Forecasted 37mmpty or 57% of Global

19mmt Demand over 5years in NE Asia

Iranian and Algerian “suggested plants”

online 2014

Chinese Capacity is  higher-cost Coal to Methanol

Chile/New Zealand have Gas Supply constraints

Iran and Algeria have the only

proposed supply in 5 years  Globally

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SEAAOC Darwin  10

Correlates to Oil,  Cheaper than Gasoline

Correlation Factor  0.81

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SEAAOC Darwin  11

Pacific Methanol Market

North East Asia Projected Annual Growth Rates of 13-15%

Current 18mmtpy or 44% of Global Demand

Forecasted 37mmpty or 57% of Global Demand

Methanol Usage

Vehicle fuel

Propane Supplement

Methanol to Olefins

No

new

Pacific

Methanol

capacity

planned

13% CAGR

Indonesia 1mmt

New Zealand  .9mmt

China 14mmt

India .5mmt

Malaysia 2.4mmt

Russia 3.3mmt

Europe 4.5mmt

Iran 3.5mmt

Saudi  6.6mmt

Oman 1mmt

Qatar .8mmt

EG 1mmt

Egypt 1.3mmt

Libya .6mmt

U.S. 1mmt

Trinidad 6.5mmt

Venezuela 1.4mmt

Chile 4mmt

Argentina .5mmt

2009 World Capacity –

68 mmT;  60% operating

(excess capacity is high-cost lignite feed)

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SEAAOC Darwin  12

Asian Focus

China imports 46% of Demand currently (8.3mmtpy)

Forecasted to import 36% of Demand in 2014 (13.3mmtpy)

Chinese Production

60% Coal (Higher-Cost Coal to Methanol)

22% Natural Gas

18% Coking Gas

Chinese Utilization rate  averages below 50% driven by costs and

coal

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SEAAOC Darwin  13

Market Changing Fast

NASDAQ: MPET    

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SEAAOC Darwin  14

Evans Shoal

Competitive Advantage

•

Contract to acquire 40% interest in field

–

Other owners are Shell (25%), Petronas

(25%), Osaka Gas (10%)

•

Hub Location (up to 80TCF in Bonaparte Basin)

•

Full 3D seismic coverage

•

Shallow water,  huge structure

•

Close to markets, particularly China

•

Low marginal development cost

•

Proximity to Darwin and its facilities and port

Up to 8 TCF -

Methanol

Central

Darwin

Bayu

Undan

LNG

East Jetty

NT Power Plants

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SEAAOC Darwin  15

Evans Shoal

Abadi

10-14.5 TCF

Inpex

Evans Shoal

Up to 8 TCF

MPET-Shell-Petronas-Osaka Gas

Caldita

-

Barossa  8 TCF

COP-Santos

Evans

Shoal

Heron /Blackwood   1.5 TCF

MEO Australia

•

Evans Shoal-2 DST 25.5mmscf/d in upper third

of Elang

Plover

•

Drilled by Shell in 1998 to 3,850meters

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SEAAOC Darwin  16

Next Steps & Timeline

Evans Shoal

MAR10 –

Enters into Agreement to purchase 40% interest in Evans Shoal

from Santos

JUNE 10 -Commonwealth / FIRB

Letter stating “no objections”

received

AUG10 -

Northern Territory

Approval received

Q4 10 -

Methanol Site Development

Gain approvals, establish team.

Access to water, facilities, market is good

Next to key existing projects & infrastructure

Q410 –

Santos Payment  AUS$85mln (US$79 mln)

Q4 10 -

Financial and Offtake

Partner(s)

•

Q4 10 –

Development Strategy

Key co-owner discussions

Key development plan work next year

New wells and targeted seismic

2011 -

Further Testing / Offtake

/ Financing

2011

2012

2013

2014

Q3/10

Q4/10

Potential Private

or Public

Placement

Finalize Initial

Financial and 

Offtake

Partners

Cash

US$35

mln

Project Finance

First

Cash Flow

Payment due

to Santos

Two wells

Seismic add

Wells #2-5

Wells 6 onward, Pipeline &

Development Facilities

First

Production

2015

Next Well -

2011

FID

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SEAAOC Darwin  17

Corporate Profile

Walter McCann

Chairman

Ex President, The American International University

Chapel Hill, North Carolina

J. Robinson West

Chairman Designee

Chair, Petroleum Finance Corp (PFC Energy)

Washington, DC

William Hastings

President / CEO

Portland, Maine

Nikolay

Bogachev

Independent Investor

President

Young Energy Prize S.A

Annisquam, Massachusetts

J. Thomas Wilson

Oil and Gas Advisor

Denver, Colorado

Ronald Pettirossi

Head of Audit Committee

Consultant-CPA

Vero Beach, Florida

Donald Basso

Geologist,  Advisor

Calgary, Canada

Robert Mollah

Geophysical Consultant

Brisbane, Australia

Directors

Bernstein Shur, Sawyer & Nelson

100 Middle Street

West Tower

Portland, Maine

04101

(207) 774-1200

Legal

Counsel

Management

William H. Hastings

Chief Executive Officer

Antoine Lafargue

Chief  Financial Officer

Susan M. Filipos

Controller

Daniel J. Samela

Vice President, New Ventures

J. Thomas Wilson

Technical Advisor

Jeffrey G. Tounge

Manager, Commercial Operations

Jeff Tounge

Manager, Commercial Operations

Magellan Petroleum Corp

Tel: (207) 619-8504

Mob: (207) 850-0099

JTounge@magellanpetroleum.com

Stock Transfer Agent

American Stock Transfer & Trust

59 Maiden Lane

New York, New York 10038

(800) 937-5449

(212) 936-5100

(718) 921-8336 fax

Investor

Relations

Contact

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SEAAOC Darwin 18

…

A new direction

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