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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 B1WnILX8NqNFhKOFewS7ypQ6R3sPcUQBlcMOZOpyLxmg773yEW/Gw8AVKNvDX1nZ
 Oz5kmDW7srqb0hEt4M7tCg==

<SEC-DOCUMENT>0001209191-04-038306.txt : 20040730
<SEC-HEADER>0001209191-04-038306.hdr.sgml : 20040730
<ACCEPTANCE-DATETIME>20040730155715
ACCESSION NUMBER:		0001209191-04-038306
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040701
FILED AS OF DATE:		20040730

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Samela Daniel J
		CENTRAL INDEX KEY:			0001299091

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05507
		FILM NUMBER:		04942414

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		(203) 217-3029

	MAIL ADDRESS:	
		STREET 1:		201 REDWOOD LANE
		CITY:			CHESHIRE
		STATE:			CT
		ZIP:			06410

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:		149 DURHAM RD
		STREET 2:		OAKPARK UNIT 31
		CITY:			MADISON
		STATE:			CT
		ZIP:			06443
		BUSINESS PHONE:		2032457664

	MAIL ADDRESS:	
		STREET 1:		149 DURHAM RD
		STREET 2:		OAKPARK UNIT 31
		CITY:			MADISON
		STATE:			CT
		ZIP:			06443

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MAGELLAN PETROLEUM CORP PANAMA
		DATE OF NAME CHANGE:	19671130
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>y99662_4djs.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-07-01</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001299091</rptOwnerCik>
            <rptOwnerName>Samela Daniel J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>201 REDWOOD LANE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CHESHIRE</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06410</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President and CFO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Employee Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>00.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-07-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>30000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1.45</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2005-07-01</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>30000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The options vest in three equal installments beginning July 1, 2005</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Daniel J. Samela</signatureName>
        <signatureDate>2004-07-30</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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