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SAGASCO EXTENDS TENDER OFFER FOR MAGELLAN PETROLEUM CORPORATION

 ADELAIDE, Australia, Sept. 29 /PRNewswire/ -- SAGASCO Holdings Limited ("SAGASCO") today announced the extension of the tender offer by its wholly owned subsidiary SAGUSA Inc. for all of the outstanding shares of common stock of Magellan Petroleum Corporation ("Magellan") (PSE BSE: MPC) at a price of US$1.50 per share. The tender offer and associated withdrawal rights, previously scheduled to expire 5 p.m. New York City time on Thursday, Sept. 30, 1993, are now scheduled to expire at 5 p.m. New York City time on Friday, Oct. 29, 1993. As of Tuesday, Sept. 28, 1993, approximately 3,462,506 shares of Magellan common stock had been tendered and not withdrawn, pursuant to the tender offer.
 This extension will permit further time for the resolution of SAGASCO's claims against Magellan seeking the correction of false and misleading statements contained in Magellan's Schedule 14D-9. SAGASCO's motion to dismiss Magellan's counterclaims was heard in the United States District Court for the District of Delaware on Sept. 23, 1993, and the court's decision is currently pending. Trial on SAGASCO's claims against Magellan is currently scheduled for Oct. 19, 1993.
 As previously reported, on Aug. 30, 1993, the Australian Administrative Appeals Tribunal (the "AAT") handed down a decision upholding exemptions from certain provisions of the Corporations Law granted to SAGASCO by the Australian Securities Commission in connection with the tender offer. The granting of the exemptions had been challenged by Magellan Petroleum Australia Limited ("MPAL"), a majority owned subsidiary of Magellan. The statutory period during which an appeal of the AAT's decision could be filed by MPAL has now expired.
 -0- 9/29/93
 /CONTACT: Scott Hutchinson, group finance manager-development of SAGASCO Holdings Limited, 011-61-8-235-3700, or Morgan Stanley & Co. Incorporated, 212-703-7262/
 (MPC)


CO: SAGASCO Holdings Limited; Magellan Petroleum Corporation;
 SAGUSA Inc. ST: Connecticut IN: OIL SU: OFR


TS-MP -- NY012 -- 6699 09/29/93 09:36 EDT
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Publication:PR Newswire
Date:Sep 29, 1993
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