Magellan Petroleum Corporation announced, effective October 31, 2014, the promotion of Antoine J. Lafargue to the position of Senior Vice President of Strategy and Business Development and Chief Commercial Officer and the promotion of Matthew R. Ciardiello to the position of Vice President - Chief Financial Officer, Treasurer, and Corporate Secretary. In his new role, Mr. Lafargue will be responsible for the development of the Company's key growth projects, with a focus on CO2-enhanced oil recovery (CO2-EOR) activities and the Company's UK assets.

In conjunction with these executive promotions, the Company's Board of Directors and its Compensation, Nominating and Governance Committee (the "CNG Committee") have approved a new management incentive program that includes the awarding of stock options to Mr. Lafargue, Mr. Ciardiello, and J. Thomas Wilson, the Company's President and Chief Executive Officer.

Tags: Magellan Petroleum