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MAGELLAN COUNTERSUES SAGASCO

 HARTFORD, Conn., July 20 /PRNewswire/ -- Magellan Petroleum Corporation (NASDAQ: MPET) said today it has filed a counterclaim against Sagasco Holdings Ltd., certain affiliated entities, and each of their directors in the Federal District Court for the District of Delaware.
 Magellan said its counterclaim, filed yesterday, asserts that Sagasco's tender offer filings with the SEC (Schedules 14D-1 and 13D) are misleading and fail to disclose certain material facts. Three specific examples of erroneous or inadequate disclosure by Sagasco were cited:
 (a) that Sagasco failed to disclose fully or clearly that it had acquired a minority block of shares at $1.83 per share -- more than 20 percent higher than the tender offer price -- and that Sagasco's own directors believed the value of those shares equaled or exceeded that amount;
 (b) that Sagasco orchestrated a repetition of the concerns expressed by Santos Ltd. as to the effect of the Palm Valley No. 8/8A development well on the field's reserves without revealing positive information known to Sagasco about the field;
 (c) that Sagasco failed to delineate the interrelationship between its tender for Magellan, the Santos tender for Sagasco, the antitrust proceedings before the Australian Trade Practices Commission, and the involvement of the South Australian Government Financing Authority.
 Magellan said that its counterclaim seeks declaratory and injunctive relief that would enjoin Sagasco from making false and misleading statements and would require corrective disclosures by Sagasco. The company also has asked the court to direct Sagasco to dispose of all Magellan shares acquired in violation of law, to disgorge any and all profit associated with such acquisition, and to return all tendered shares.
 Magellan also noted that, because its counterclaim contains information that Sagasco has designated as confidential, it has been filed with the court under the seal and hence is not available for public inspection as otherwise would be the case.
 -0- 7/20/93
 /CONTACT: Arthur B. O'Donnell of Magellan Petroleum Corporation, 203-525-1202/
 (MPET)


CO: Magellan Petroleum Corporation ST: Connecticut IN: OIL SU:

TM -- NY005 -- 6574 07/20/93 08:42 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
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