MAGELLAN PETROLEUM CORPORATION
1998 STOCK INCENTIVE PLAN
NONQUALIFIED STOCK OPTION AWARD AGREEMENT
T HIS N ON -Q UALIFIED S TOCK O PTION A WARD A GREEMENT , is made as of the grant date indicated in Section 3 below
(the “Grant Date”), by and between Magellan Petroleum Corporation, a Delaware corporation (the “Company”), and the
undersigned individual (the “Optionee”), pursuant to the Magellan Petroleum Corporation 1998 Stock Incentive Plan, as
amended to date (the “Plan”). Terms used but not defined herein shall have the same meaning as in the Plan.
W HEREAS , the Optionee is an eligible director of the Company and the Board of Directors of the Company has, acting
upon a recommendation of the Compensation, Nominating and Governance Committee of the Board, approved the grant of
Nonqualified Stock Options (“Options”) under the Plan to the Optionee.
N OW , T HEREFORE , in consideration of the terms and conditions of this Agreement and pursuant to the Plan, the parties
agree as follows:
1. Grant of Options . The Company hereby grants to the Optionee the right and option to purchase from the Company, at the
exercise price set forth in Section 3 below, all or any part of the aggregate number of shares of common stock, par value
$0.01 per share, of the Company, as such common shares are presently constituted (the “Stock”), set forth in said
2. Terms and Conditions . It is understood and agreed that the Options evidenced hereby are subject to the provisions of the
Plan (which are incorporated herein by reference) and the following terms and conditions:
(a) Expiration Date . Notwithstanding anything in the Plan to the contrary, the Options evidenced hereby shall expire on
the earlier of the date specified in Section 3 of the Agreement or the first anniversary of the death of the Participant in
accordance with the Plan.
(b) Exercise of Option . The Options evidenced hereby shall be exercisable from time to time by (i) providing written