X0306 4 2016-08-01 1 0000061398 MAGELLAN PETROLEUM CORP /DE/ MPET 0001430878 Israel Robert I 720 FIFTH AVENUE, 10TH FLOOR NEW YORK NY 10019 1 0 0 0 Common Stock 49388 D Effective as of August 1, 2016, and in connection with the closing of the transactions contemplated by the Exchange Agreement dated as of March 31, 2016, by and between Magellan Petroleum Corporation ("Magellan") and One Stone Holdings II LP, the reporting person ceased to be a member of the Board of Directors of Magellan. As a result, the reporting person is no longer subject to Section 16 and, therefore, will no longer report any transactions in the equity securities of Magellan on Form 4 or Form 5. /s/ Rimma Khafizova, Attorney-in-Fact for Robert I. Israel 2016-08-02