Use Excel VBA. Make a reference to "Microsoft VBScript Regular Expressions 5.5".
Then do, in a new regular VBA module:
Sub ReplaceMobileNumbers
Dim re as New RegExp
re.Pattern = "^0(?=7[0-9]{9}$)" ''# look-ahead
Dim cell As Range
For Each cell In ActiveSheet.Range("Your Range Address in A1:B1 notation")
cell.Value = re.Replace(cell.value, "44")
Next cell
End Sub
and call this sub in the Immediate Window. The above is throw-away code, not designed with re-usability in mind. I know that, so don't tell me. ;-)
Though you can probably get away with a cell function:
=IF(AND(LEN(A1) = 11;LEFT(A1; 2) = "07"); "44" & RIGHT(A1; 10); A1)