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MAGELLAN REPORTS YEAR-END PROFIT

 HARTFORD, Conn., Sept. 27 /PRNewswire/ -- Magellan Petroleum Corporation (NASDAQ Small Cap: MPET) said it had a consolidated net profit of $659,000 (3 cents a share) on gross revenues of $13.9 million in its fiscal year ended June 30, 1993.
 The comparable prior-year results were a net loss of $916,000 (4 cents a share) on gross revenues of $14.8 million, the company said.
 James R. Joyce, Magellan's president, attributed this year's profit principally to a $1.5 million reduction in U.S. depletion costs, a reduction to zero in abandoned property interests, and a $1.2 million non-recurring gain from the recomputation of deferred income taxes required by the Financial Accounting Standards Board's Statement 109.
 According to Joyce, the company and its Australian unit incurred costs of $1.3 million (through June 30) in connection with unsolicited takeover bids by Sagasco Holdings Limited, an Australian gas company that is seeking to obtain control of the Palm Valley gas field.
 The $1.50 per share U.S. tender, launched May 12, has been extended four times, and currently is scheduled to expire on Sept. 30, Joyce said, noting that approximately 3 million shares have been tendered and not withdrawn thus far.
 Joyce further noted that Sagasco itself is now the takeover target of Boral Limited, an Australian building and construction products company.
 Comparative, consolidated results for fiscal 1993 and the two prior years are shown in the following condensed income statement:
 MAGELLAN PETROLEUM CORPORATION
 Consolidated Statement of Operations
 Fiscal year Ended June 30, 1993 1992 1991
 Revenues:
 Oil sales $6,154,921 $6,108,472 $6,534,721
 Gas sales 6,843,878 7,850,632 7,340,058
 Interest/other 863,862 803,191 712,295
 Total 13,862,661 14,762,295 14,587,074
 Costs and Expenses:
 Production costs 3,476,577 3,268,666 3,267,060
 Interest 25,798 37,584 321,036
 Depletion, depreciation
 and amortization ?3,757,907 5,225,190 3,283,599
 Administrative 2,880,074 2,920,635 2,616,458
 Abandonments and write-offs --- 537,453 2,041,864
 Expenses related to Sagasco
 tender offer and litigation 1,302,952 --- ---
 Other 675,421 1,415,286 1,265,597
 Total 12,118,729 13,404,814 12,795,614
 Income before minority
 interests and taxes 1,743,932 1,357,481 1,791,460
 Minority interests in MPAL 1,917,865 1,166,443 1,327,174
 Income (loss) before taxes
 and non-recurring item (173,933) 191,038 464,286
 Income tax provision 426,499 1,106,635 851,176
 Income (loss) before
 non-recurring item (600,432) (915,597) (386,890)
 Non-recurring item(A) 1,259,713 --- ---
 Net income (loss) $659,281 $(915,597) $(386,890)
 Average number of shares
 outstanding 24,381,890 24,381,890 24,381,890
 Net income (loss) per share $0.03 $(0.04) $(0.02)
 (A) Cumulative effect of change in accounting for income taxes as of July 1, 1992.
 -0- 9/27/93
 /CONTACT: Arthur B. O'Donnell of Magellan Petroleum Corporation, 203-525-1202/
 (MPET)


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

MP-TW -- NY054 -- 5946 09/27/93 12:51 EDT
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Date:Sep 27, 1993
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