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MAGELLAN PETROLEUM ISSUES UPDATE ON SAGASCO TENDER

 MAGELLAN PETROLEUM ISSUES UPDATE ON SAGASCO TENDER
 HARTFORD, Conn., Oct. 8 /PRNewswire/ -- Magellan Petroleum


Corporation (NASDAQ: MPET) said its 51-percent-held subsidiary, Magellan Petroleum Australia Limited (MPAL), has been denied an injunction that would have barred Sagasco Holdings Ltd. form proceeding with its unsolicited tender offer for MPAL.
 Sagasco, an Australian gas company, is seeking to acquire all outstanding shares of MPAL for A$2.75 (about $1.98 U.S.) per share, Magellan said.
 A Magellan spokesperson said MPAL had asked Queensland's Supreme Court to issue an injunction prohibiting the tender offer, but the court denied that petition earlier today. He also said MPAL is appealing that decision, noting that the appellate court is expected to hear the case later this month.
 Prior to announcing its tender last month, Sagasco acquired a 13.8 percent stake in MPAL from B.T. Australia Ltd., and since has acquired an additional 3.6 percent on the open market, the spokesman said. He further noted that Sagasco itself is the target of a takeover bid by Santos Ltd, the country's largest independent oil and gas company, which has an 18.3 percent stake in MPAL.
 -0- 10/8/92
 /CONTACT: Arthur B. O'Donnell of Magellan Petroleum Corporation, 203-525-1202/
 (MPET) CO: Magellan Petroleum Corp.; Sagasco Holdings Ltd. ST: Connecticut IN: OIL SU: TNM


SM-AH -- NY062 -- 7873 10/08/92 12:50 EDT
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Date:Oct 8, 1992
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