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NORTHERN TERRITORY GOVERNMENT DEFERS GAS SALE DECISION

 NORTHERN TERRITORY GOVERNMENT DEFERS GAS SALE DECISION
 HARTFORD, Conn., Nov. 3 /PRNewswire/ -- Magellan Petroleum


Corporation (NASDAQ: MPET) said Australia's Northern Territory government has again deferred decision on a proposed natural gas sale to South Australia by the company's Australian subsidiary and its partners.
 The Australian unit and its partners, who have developed substantial uncommitted reserves in the Territory's Amadeus Basin, are close to completing negotiations on a conditional agreement to sell at least 384 billion cubic feet of gas to South Australia over a 15-year period, the company said.
 Magellan said the government issued a press release last week in which it reaffirmed its policy not to interfere with free market forces, but also was adamant that -- in light of varying reserve estimates by several consultants -- the Territory's own future needs must be given appropriate consideration before reaching a decision on an interstate gas sale.
 According to a Magellan spokesman, the government has advised the producers that the Cabinet will consider the matter further within the next six weeks, giving particular attention to the adequacy of Amadeus reserves for the Territory's future requirements if gas were to be sold to South Australia.
 The spokesman said that, in addition to its own long-term requirements and the South Australian market, the government is examining the use of natural gas as an energy source for potential large-scale mining operations in the region straddling the Northern Territory - Queensland border south of the Gulf of Carpentaria.
 Meanwhile, the government has indicated that negotiations will continue on conditions under which gas could be sold to South Australia, the spokesman said.
 -0- 11/3/92
 /CONTACT: Arthur B. O'Donnell, 203-525-1202, for Magellan Petroleum Corporation/
 (MPET) CO: Magellan Petroleum Corporation ST: Connecticut IN: OIL SU:


PS-OS -- NY013 -- 1974 11/03/92 10:09 EST
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Date:Nov 3, 1992
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