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N.T. GOVERNMENT EVALUATING LARGE GAS SALE TO SOUTH AUSTRALIA; ECONOMIC BENEFIT STUDY NOW UNDERWAY

 N.T. GOVERNMENT EVALUATING LARGE GAS SALE TO SOUTH AUSTRALIA;
 ECONOMIC BENEFIT STUDY NOW UNDERWAY
 HARTFORD, July 31 /PRNewswire/ -- Magellan Petroleum Corporation (NASDAQ: MPET), which has extensive interests in Australia's Amadeus Basin, said a detailed study of the economic benefits to be derived from selling Amadeus gas to South Australia has been launched at the request of the Northern Territory government.
 The company said its subsidiary, Magellan Petroleum Australia Limited, and the other Amadeus producers have commissioned the Center for South Australian Economic Studies to conduct the ongoing study, which is expected to be completed early next month.
 According to a Magellan spokesman, the minister for mines and energy, Barry Coulter, announced early this week that the study "would be a significant factor in the Territory government's decision whether or not to take up a South Australian offer for territory gas supplies, and whether the benefits outweighed the risks associated with a large- scale sell-off of territory gas resources."
 Coulter also stated that South Australia and the producers have "gone a long way toward answering the Territory's outstanding questions in the most recent round of discussions," the spokesman said.
 The proposed accord with South Australia would involve the sale of at least 384 billion cubic feet of Amadeus gas over a 15-year period starting in 1996, or about 70 million cubic feet per day on average, the spokesman said. He further noted that the project would require a $222 million pipeline and an estimated $96 million in field development costs.
 -0- 7/31/92
 /CONTACT: Arthur B. O'Donnell of Magellan, 203-525-1202/
 (MPET) CO: Magellan Petroleum Corporation ST: Connecticut IN: OIL SU:


TM-LD -- NY002 -- 5431 07/31/92 08:02 EDT
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Publication:PR Newswire
Date:Jul 31, 1992
Words:280
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