"Gentle, 42, was named president and chief executive officer of Tellurian Investments Inc., a firm established by Souki and former BG Group Plc executive Martin Houston to develop liquefied natural gas projects, according to a statement Wednesday. She will invest $10 million in the company for a stake of about 7 percent and will remain CEO after its merger with Magellan Petroleum Corp., a transaction expected to close in the fourth quarter, Souki said in an interview before the announcement."
That's $10m for a 7% stake in Tellurian, valuing Tellurian at $143m.
5% of $143m is a $7.14m valuation for MPET. With 5.88m shares outstanding (according to Yahoo Finance), that's a valuation of $1.21 per share.
Even if we are to believe the new CEO was allowed to invest at a small discount (which is possible), Tellurian management themselves don't seem to be placing a high dollar value on MPET. Somewhere south of $1.50, by my math.