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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 ORXDTTCnN4yWeFfrX3ONlfZtolw27epooS5dJXxqDZVojz/+tSGQokP8LXmXAagd
 ebPFJv0Xe7lC/dXO8Qtzdg==

<SEC-DOCUMENT>0001181431-10-062214.txt : 20101216
<SEC-HEADER>0001181431-10-062214.hdr.sgml : 20101216
<ACCEPTANCE-DATETIME>20101216160046
ACCESSION NUMBER:		0001181431-10-062214
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100401
FILED AS OF DATE:		20101216
DATE AS OF CHANGE:		20101216

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BASSO DONALD V
		CENTRAL INDEX KEY:			0001253004

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05507
		FILM NUMBER:		101256643

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MAGELLAN PETROLEUM CORP /DE/
		CENTRAL INDEX KEY:			0000061398
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				060842255
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		10 COLUMBUS BLVD
		STREET 2:		10 FLOOR
		CITY:			HARTFORD
		STATE:			CT
		ZIP:			06106
		BUSINESS PHONE:		8602932006

	MAIL ADDRESS:	
		STREET 1:		10 COLUMBUS BLVD
		STREET 2:		10 FLOOR
		CITY:			HARTFORD
		STATE:			CT
		ZIP:			06106

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MAGELLAN PETROLEUM CORP PANAMA
		DATE OF NAME CHANGE:	19671130
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd294492.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-04-01</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000061398</issuerCik>
        <issuerName>MAGELLAN PETROLEUM CORP /DE/</issuerName>
        <issuerTradingSymbol>MPET</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001253004</rptOwnerCik>
            <rptOwnerName>BASSO DONALD V</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4024-40 AVENUE N.W.</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CALGARY, ALBERTA</rptOwnerCity>
            <rptOwnerState>Z4</rptOwnerState>
            <rptOwnerZipCode>T3A OW9</rptOwnerZipCode>
            <rptOwnerStateDescription>CANADA (FEDERAL LEVEL)</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Non-qualified Stock option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.24</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2010-04-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>25000</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2020-04-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>25000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>125000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">On April 1, 2010, the reporting person was awarded 25,000 non-qualified stock options pursuant to the Company's 1998 Stock Incentive Plan.  The stock options have an exercise price of $2.24 per share and will expire on April 1, 2020.  The award of the stock options was expressly conditioned upon the receipt of shareholder approval of the replenishment and amendment of the Company's 1998 Stock Incentive Plan, which shareholder approval was obtained on December 8, 2010.  The award of the stock options was previously reported by the reporting person on a Form 4 filed on April 5, 2010.</footnote>
        <footnote id="F2">The awarded stock options vest as follows: (1) one-third of the award (8,333 shares) will vest on April 1, 2011, (2) one-third of the award (8,333 shares) will vest on April 1, 2012, and (3) one-third of the award (8,334 shares) will vest on April 1, 2013.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Donald V. Basso by Edward B. Whittemore, attorney-in-fact</signatureName>
        <signatureDate>2010-12-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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