Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On July 16, 2012, William H. Hastings resigned from the Board of Directors of
Magellan Petroleum Corporation (the "Company"). Mr. Hastings tendered his
resignation in connection with the Company's decision to discontinue his
employment with the Company as Senior Advisor for Business Development,
effective as of that date. Pursuant to the terms and conditions of the
previously reported Employment Agreement between Mr. Hastings and the Company
dated February 3, 2009, as amended by the addendum thereto dated September 27,
2011, the Company is required to pay Mr. Hastings two years' severance
compensation as a result of the Company's decision to discontinue his employment
with the Company and Mr. Hastings' decision to resign from the Board of
Directors.
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