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SAGASCO'S EXTENDS TENDER OFFER FOR MAGELLAN PETROLEUM

 ADELAIDE, Australia, June 10 /PRNewswire/ -- SAGASCO Holdings Limited ("SAGASCO") today announced the extension of the tender offer by its wholly-owned subsidiary SAGUSA Inc. for all of the outstanding shares of common stock of Magellan Petroleum Corporation ("Magellan") at a price of U.S.$1.50 per share. The tender offer and associated withdrawal rights, previously scheduled to expire on Wednesday, June 9, 1993, is now scheduled to expire at 5:00 p.m. New York City time on Thursday, July 8, 1993. As of 6:00 p.m., New York City time on June 9, 1993, 3,244,634 shares of Magellan common stock constituting approximately 13.1 percent of Magellan's outstanding common stock had been tendered and not withdrawn pursuant to the tender offer.
 SAGASCO already owns 3,305,869 shares of Magellan common stock constituting approximately 13.6 percent of Magellan's outstanding common stock.
 By letter dated June 2, 1993, SAGASCO was notified that its request for early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to SAGASCO's proposed acquisition of Magellan had been granted by the United States Federal Trade Commission.
 -0- 6/10/93
 /CONTACT: Scott Hutchinson, group finance manager - development of SAGASCO Holdings Limited, 011-618-235-3700; or Morgan Stanley & Co. Incorporated, 212-703-7262, for SAGASCO Holdings Limited/


CO: SAGASCO Holdings Limited ST: IN: OIL SU: OFR

LR -- NY009 -- 0443 06/10/93 08:13 EST
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Publication:PR Newswire
Date:Jun 10, 1993
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