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MAGELLAN PETROLEUM REPORTS SECOND QUARTER RESULTS

 HARTFORD, Conn., Feb. 11 /PRNewswire/ -- Magellan Petroleum Corporation (NASDAQ: MPET) today reported a consolidated loss of $225,000, or one cent a share, on gross revenues of $3.7 million in its fiscal second quarter ended Dec. 31, as compared to the loss of $20,000 on revenues of $3.8 million in last year's second quarter.
 For the six-month period ended Dec. 31, a net loss of $377,000 (two cents a share) was posted on gross revenues of $7.2 million, as compared to the prior year profit of $117,000 on revenues of $7.4 million, the company said.
 Magellan, which reports on a consolidated basis with its 51 percent- owned subsidiary, Magellan Petroleum Australia Limited (MPAL), said the three and six-month results were adversely impacted by a 22 percent increase in production costs and a 9 percent decline in the value of the Australian dollar relative to the U.S. dollar.
 A Magellan spokesman also noted the company's administrative expense was up approximately 30 percent, due principally to costs associated with an Australian gas company's announced intention to make an unsolicited tender offer for all outstanding shares of MPAL.
 Comparative, consolidated results for the three and six-month periods are shown in the following condensed income statement:
 MAGELLAN PETROLEUM CORPORATION
 Consolidated Statement of Operations
 (Unaudited, expressed in U.S. dollars)
 Periods ended Dec. 31 Three Months Six Months
 1992 1991 1992 1991
 Revenues:
 Oil sales $ 1,648,051 $1,597,343 $3,286,179 $3,195,383
 Gas sales 1,741,794 2,051,682 3,496,299 3,856,191
 Interest and other 324,669 197,310 449,642 374,115
 Total revenues 3,714,514 3,846,335 7,232,120 7,425,689
 Cost and expenses:
 Production costs 852,329 702,549 1,842,264 1,510,724
 Interest 7,193 10,801 14,988 20,948
 Depletion, depreciation
 and amortization 757,768 1,087,658 1,654,525 1,840,434
 Administrative 1,061,905 749,772 1,953,890 1,473,657
 Other 412,742 227,021 676,839 588,566
 Total 3,091,937 2,777,801 6,142,506 5,434,329
 Income before minority
 interests and taxes 622,577 1,068,534 1,089,614 1,991,360
 Minority interest
 in MPAL 532,445 652,357 930,626 1,208,576
 Pre-tax income 90,132 416,177 158,988 782,784
 Income tax provision 314,831 435,925 535,760 665,917
 Net income (loss) $ (224,699) $ ( 19,748) $ (376,772) $ 116,867
 Average number of
 shares outstanding 24,381,890 24,381,890 24,381,890 24,381,890
 Net income (loss)
 per share $(.01) -- $ (.02) --
 -0- 2/11/93
 /CONTACT: Arthur B. O'Donnell of Magellan Petroleum, 203-525-1202/
 (MPET)


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

TM -- NY006 -- 5499 02/11/93 08:01 EST
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Date:Feb 11, 1993
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