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MAGELLAN PRESIDENT TO RETIRE NEXT MONTH; JOYCE TO SUCCEED HEATH

 HARTFORD, Conn., May 11 /PRNewswire/ -- Magellan Petroleum Corporation (NASDAQ: MPET) said its president, Benjamin W. Heath, 78, will retire at the end of the current fiscal year, June 30, after 36 years as its chief executive officer.
 One of the company's founders, Heath took Magellan into Australian petroleum exploration in 1960, a move that led to the discovery of the Mereenie and Palm Valley fields, which went into production in the mid- 1980's.
 As CEO of a predecessor company, Heath also spearheaded the first search for oil in Israel after that country obtained its independence, Magellan said.
 Heath will retain his directorship, and also will serve as a consultant to Magellan, the company said.
 Magellan also reported its board of directors' election of James R. Joyce to succeed Heath as president on July 1. Joyce, 52, is a certified public accountant, a member of the Connecticut bar, and has been associated with Magellan for many years, most recently as its chief financial officer, a position he will continue to hold.
 Further noted was the impending retirement of Roy M. Hopkins, managing director of the company's subsidiary, Magellan Petroleum Australia Limited, for the past 23 years.
 Hopkins, 65, will remain a director of the Australian unit but will step down as a director of the U.S. parent on June 30, a spokesman said, adding that Joyce will fill that vacancy.
 -0- 5/11/93
 /CONTACT: Arthur B. O'Donnell of Magellan, 203-525-1202/
 (MPET)


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

GK-LR -- NY041 -- 7036 05/11/93 11:55 EDT
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Date:May 11, 1993
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