Exhibit 99.1

                    MAGELLAN PETROLEUM CORPORATION ANNOUNCES
                    BOARD RESIGNATIONS OF JAMES R. JOYCE AND
               ELECTION OF NEW CHAIRMAN OF THE BOARD OF DIRECTORS


         MADISON, Conn., June 24, 2004 -- Magellan Petroleum Corporation
(NASDAQ: MPET) announced today that James R. Joyce, the Company's retiring Chief
Executive Officer, President and Chief Financial Officer and a Company director
since 1993, has submitted to the Company his resignations, both effective as of
June 30, 2004, as a director of the Company and as a director of Magellan
Petroleum Australia Limited, the Company's majority-owned subsidiary (MPAL).

         As previously announced, Mr. Joyce will resign as President and Chief
Executive Officer and Chief Financial and Accounting Officer of the Company,
effective June 30, 2004. The Company's current Treasurer, Daniel J. Samela, will
assume, effective July 1, 2004, the roles of Chief Financial and Accounting
Officer and Acting President and Chief Executive Officer of the Company.

         The Board of Directors of the Company has determined not to fill the
Board vacancy created by Mr. Joyce's resignation at this time. Accordingly, the
Board has amended the Company's Bylaws to provide that the Company will maintain
a Board of four members in the future.

         The Company also announced that Walter McCann has been elected Chairman
of the Board of Directors of the Company. Mr. McCann, age 67, is President
Emeritus of Richmond, The American International University, London, England and
a former President of Athens College in Athens, Greece. He has served as a
director of the Company since 1983 and a director of MPAL since 1997.

         Statements in this press release that are not historical in nature are
intended to be - and are hereby identified as "forward-looking statements" for
purposes of the "Safe Harbor Statement" under the Private Securities Litigation
Reform Act of 1995. The Company cautions readers that forward looking statements
are subject to certain risks and uncertainties that could cause actual results
to differ materially from those indicated in the forward looking statements.
Among these risks and uncertainties are uncertainties as to pricing and
production levels from the properties in which the Company has interests, and
the extent of the recoverable reserves at those properties. The Company
undertakes no obligation to update or revise forward looking statements, whether
as a result of new information, future events, or otherwise.

                  Contact: Daniel J. Samela, at (203) 245-7664.