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MAGELLAN RECEIVES 13D FROM SAGASCO

 MAGELLAN RECEIVES 13D FROM SAGASCO
 HARTFORD, Conn., Sept. 15 /PRNewswire/ -- Magellan Petroleum


Corporation (NASDAQ: MPET) said it yesterday received a copy of a Schedule 13D filed with the Securities and Exchange Commission by SAGASCO Holdings Limited, an Australian gas company, in connection with its recent acquisition of a 13.6 percent stake in Magellan.
 The company said the 13D indicates, among other things, that SAGASCO paid approximately $1.80 (U.S.) per share for the 3.3 million Magellan shares it has acquired, and goes on to say that SAGASCO made the acquisition to influence Magellan to sell its 51 percent interest in Magellan Petroleum Australia Limited (MPAL) to SAGASCO.
 The 13D also states that, if Magellan refuses to sell its MPAL shares, SAGASCO will be "forced to consider other alternatives" to obtain control of MPAL, including an attempt to acquire control of Magellan.
 As previously reported, SAGASCO has made an unsolicited cash tender offer of $2.75 (Australian) per share for all outstanding shares of MPAL, and already has acquired a 13.8 percent stake in the unit, the spokesman said. He also said about 83 percent of MPAL's stock is now controlled by three shareholders: Magellan (50.7 percent), Santos Ltd. (18.3 percent), and SAGASCO.
 The spokesman said that, contrary to various statements made by SAGASCO, there have been no negotiations between SAGASCO and Magellan regarding the sale of its MPAL shares. He further noted that SAGASCO itself is the target of a takeover bid by Santos Ltd., Australia's largest independent oil and gas company.
 -0- 9/15/92
 /CONTACT: Arthur B. O'Donnell of Magellan, 203-525-1202/
 (MPET) CO: Magellan Petroleum Corporation; SAGASCO Holdings Limited ST: Connecticut IN: OIL SU:


GK-OS -- NY051 -- 9663 09/15/92 13:22 EDT
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Date:Sep 15, 1992
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