This EMPLOYMENT AGREEMENT made as of March 1, 2004, by and between MAGELLAN
PETROLEUM CORPORATION, a Delaware corporation (hereinafter called the "Company"), having its
principal place of business in the Town of Madison in the state of Connecticut, and DANIEL J. SAMELA, an
individual residing at 201 Redwood Lane, Cheshire, Connecticut 06410 (hereinafter called "Employee").
W I T N E S S E T H
WHEREAS, Employee desires to render faithful and efficient service to the Company; and
WHEREAS, the Company desires receive the benefit of Employee's service ; and
WHEREAS, Employee is willing to be employed by the Company; and
WHEREAS, the Board of Directors of the Company, has determined that it is in the best interests of the
Company and its shareholders to (i) assure that the Company will have the dedication and services of the
Employee, notwithstanding the possibility, threat of occurrence of a Change of Control (as defined below) of the
Company, and (ii) to provide the Employee with compensation and benefits arrangements upon a Change of
Control which ensure that the compensation and benefits expectations of the Employee will be satisfied and which
are competitive with those of other corporations.
NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth, the parties
agree as follows:
(a) The Company hereby employs Employee as its Assistant Treasurer for the transition period of March 1 -
June 30, 2004 (the "Transition Period"). Employee hereby agrees to serve the Company in such capacity for the
Transition Period. The parties agree that Employee will work with the Company's current Chief Financial Officer
for the Transition Period, during which time Employee shall become familiar with the business operations and
financial reporting functions of the Company.
(b) Following the end of the Transition Period, Employee shall assume full responsibilities as Chief Financial and
Accounting Officer and Acting