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SAGASCO/MAGELLAN PETROLEUM AUSTRALIA LEGAL ACTION

 ADELAIDE, Australia, May 25 /PRNewswire/ -- On May 20, 1993, the High Court of Australia dismissed SAGASCO's appeal against a decision last year by the Queensland Court of Appeal.
 The appeal to the High Court concerned the interpretation of Section 698(2) of the Corporations Law.
 SAGASCO maintains that it conferred no "benefit" (as defined in Section 698(2) on Bankers Trust Australia Limited (BT) when SAGASCO acquired BT's shares in Magellan Petroleum Australia Limited (MPAL) and in Magellan Petroleum Corporation (MPC) prior to the announcement of SAGASCO's takeover bid for MPAL on Sept. 3, 1992.
 The price SAGASCO paid for BT's MPC shares was the equivalent or "see through" price paid for BT's MPAL shares. This was the same price SAGASCO bid for MPAL last September.
 These matters, as distinct from the interpretation of the section, now remain to be argued at trial in the Queensland Supreme Court.
 The decision by the High Court will not impede SAGASCO's recently announced bid for MPC.
 -0- 5/25/93
 /CONTACT: Mr. Fraser Ainsworth of SAGASCO Holdings Limited, 011-618-235-3700/


CO: SAGASCO Holdings Limited; Magellan Petroleum Corporation ST: IN: OIL SU:

TS -- NY024 -- 1999 05/25/93 08:47 EDT
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Publication:PR Newswire
Date:May 25, 1993
Words:196
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