Monday 13 February 2017

Tellurian, formerly known as Magellan Petroleum, has closed its merger with Tellurian Investments Inc. Tellurian's common stock will continue to trade on the NASDAQ under the new ticker symbol 'TELL'. As part of finalizing the merger, Tellurian has appointed Antoine Lafargue as chief financial officer. Mr. Lafargue was previously the chief executive officer of Magellan.

Meg Gentle, Tellurian's President and CEO, said: 'We look forward to creating value for our shareholders by delivering clean, low-cost, and reliable liquefied natural gas ('LNG') to the global market. We are developing large scale energy infrastructure on the U.S. Gulf Coast, including the 26 million tonnes per annum Driftwood LNG facility in Calcasieu Parish, Louisiana, which is scheduled to begin construction in 2018. We expect our next major milestone to be filing our formal permit application with the Federal Energy Regulatory Commission for Driftwood LNG. We appreciate the local, state and federal support for this project and anticipate an efficient regulatory review of the application.'

Added Lafargue, 'With the closing of this transaction, the efforts of the board of directors of Magellan Petroleum Corporation conclude and a new chapter in the long history of the company can commence. From William F. Buckley Sr. to the new leadership team at Tellurian, unique vision and exceptional execution will continue to drive value for shareholders.'

Note: Tellurian has non-operated interests in two exploration permits (PEDLs 137 and 246) located southwest of London, which permits cover the Horse Hill oil discovery. The Horse Hill-1 well has identified potential prospects from the Portland sandstone and Kimmeridge Clay limestone formations, which are currently being appraised.

Tellurian also has a 100% interest in the exploration permit NT/P82, in the Timor Sea, offshore Northern Territory, Australia, which covers 2,500 sq miles of the Bonaparte Basin in water ranging in depth from 30 to 500 feet. The Company is seeking a suitable farm-out partner to meet the revised work requirements in exchange for a portion of its working interest in the permit.