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MAGELLAN PETROLEUM CORPORATION REPORTS THIRD QUARTER RESULTS

 HARTFORD, Conn., May 17 /PRNewswire/ -- Magellan Petroleum Corporation (NASDAQ: MPET) today reported a consolidated net loss of $145,000 (one cent a share) on gross revenues of $3.3 million in its fiscal third quarter ended March 31, as compared to the net profit of $75,000 (less than one cent a share) on revenues of $3.6 million in last year's third quarter.
 For the nine-month period ended March 31, this year's net loss of $522,000 (two cents a share) on gross revenues of $10.5 million compares to earnings of $192,000 (one cent a share) on prior-year revenues of $10.9 million, the company said.
 Magellan, which reports on a consolidated basis with its 51-percent-owned subsidiary, Magellan Petroleum Australia Limited, said this year's results were adversely impacted by increased production costs in Australia, declining oil and gas production in the U.S., foreign exchange losses, and the considerable expenses consequent to an abandoned takeover of Magellan Australia by Sagasco Holdings Ltd.
 The company also noted that, on May 12, Sagasco commenced an unsolicited tender offer for Magellan for $37 million, or $1.50 a share, contingent (among other things) upon its ability to acquire at least 90 percent of the 24.4 million shares outstanding.
 According to a Magellan spokesman, Sagasco also has filed suit in Delaware against the company and its directors regarding certain provisions of its articles of incorporation and its by-laws. The tender offer and lawsuit currently are under consideration by the company, he said.
 Comparative, consolidated results for the three- and nine-month periods are shown in the following condensed income statement:
 MAGELLAN PETROLEUM CORPORATION
 Consolidated Statement of Operations
 (Unaudited -- Expressed in U.S. Dollars)
 Three Months Ended Nine Months Ended
 March 31, March 31,
 1993 1992 1993 1992
 Revenues:
 Oil sales $1,432,075 $1,371,822 $4,718,254 $4,567,205
 Gas sales 1,670,616 1,990,810 5,166,915 5,847,001
 Interest and other 188,551 195,416 638,193 569,531
 3,291,242 3,558,048 10,523,362 10,983,737
 Costs and expenses:
 Production costs 879,632 769,280 2,721,896 2,280,004
 Interest 6,469 8,009 21,457 28,957
 Depletion,
 depreciation and
 amortization 937,467 819,873 2,591,992 2,660,307
 Administration 899,512 698,369 2,853,402 2,172,026
 Other (22,074) 398,800 654,765 987,366
 2,701,006 2,694,331 8,843,512 8,128,660
 Income before
 minority interest
 and taxes 590,236 863,717 1,679,850 2,855,077
 Minority interests
 in MPAL 471,472 553,475 1,402,098 1,762,051
 Pre-tax income 118,764 310,242 277,752 1,093,026
 Income tax
 provision 263,821 235,094 799,581 901,011
 Net income (loss) ($145,057) $75,148 ($521,829) $192,015
 Average number
 of shares
 outstanding 24,381,890 24,381,890 24,381,890 24,381,890
 Net income (loss)
 per share ($.01) $--- ($.02) $.01
 -0- 5/17/93
 /CONTACT: Arthur B. O'Donnell of Magellan Petroleum Corporation, 203-525-1202/
 (MPET)


CO: Magellan Petroleum Corporation ST: Connecticut IN: OIL SU: ERN JP -- NYON2 -- 8990 05/17/93 08:08 EDT
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Date:May 17, 1993
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