FIRST AMENDMENT TO THE MAGELLAN PETROLEUM CORPORATION 1998 STOCK OPTION PLAN

EXHIBIT 10(n)

FIRST AMENDMENT TO THE MAGELLAN PETROLEUM
CORPORATION 1998 STOCK OPTION PLAN

          This First Amendment to the Magellan Petroleum Corporation 1998 Stock Option Plan (the “Plan”) is adopted this 24 ^th day of October 2007, by Magellan Petroleum Corporation (the “Company”).

W I T N E S S E T H :

          WHEREAS, the Board of Directors of the Company approved the Plan on December 3, 1997 and the Company’s shareholders approved the Plan, effective December 2, 1998;

          WHEREAS, the Company reserved the right to the Board of Directors to amend the Plan in Section 14 thereof “in order to conform to any change in the law or regulation applicable” to the Company;

          WHEREAS, the American Jobs Creation Act of 2004 added a new Section 409A to the Internal Revenue Code of 1986, as amended;

          WHEREAS, the Company wishes to amend the Plan to eliminate the Plan&r