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SAGASCO PLANS TENDER FOR MPAL SHARES

 SAGASCO PLANS TENDER FOR MPAL SHARES
 HARTFORD, Conn., Sept. 3 /PRNewswire/ -- Magellan Petroleum


Corporation (NASDAQ: MPET) said Sagasco Holdings Ltd., a South Australian gas company, has announced its intention to make an unsolicited cash tender offer of $2.75 (Aust.) per share for all the outstanding shares of Magellans's 51 percent held subsidiary, Magellan Petroleum Australia Limited (MPAL).
 The Sagasco announcement, issued earlier today in Australia, said the company already has agreed to acquire a 13.8 percent stake in MPAL and a 13.5 percent stake in MPET from Bankers Trust Australia Limited, Magellan said.
 A Magellan spokesman said the company will not comment further until an actual offer has been received and considered.
 -0- 9/3/92
 /CONTACT: Arthur B. O'Donnell, 203-525-1202, for Magellan Petroleum/
 (MPET) CO: Magellan Petroleum Corporation; Sagasco Holdings Ltd. ST: Connecticut IN: OIL SU: TNM


PS -- NY062 -- 6430 09/03/92 12:36 EDT
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Publication:PR Newswire
Date:Sep 3, 1992
Words:150
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