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SAGASCO APPEAL DENIED BY AUSTRALIAN HIGH COURT

 HARTFORD, May 21 /PRNewswire/ -- Magellan Petroleum Corporation (NASDAQ: MPET) said Australia's High Court yesterday upheld a lower court ruling last November that barred Sagasco Holdings Ltd. from proceeding with its unsolicited tender offer for the company's 51 percent -- held subsidiary, Magellan Petroleum Australia Ltd. (MPAL).
 The High Court's unanimous decision supports MPAL's contention that Sagasco violated the Australia Corporations Law, which requires fair and equal treatment of all target-company shareholders in a takeover situation, the company said.
 Just before announcing its tender last September, Sagasco acquired a 13.8 percent stake in MPAL and a 13.6 percent stake in the U.S. parent from BT Australia Ltd., a subsidiary of Bankers Trust Company. According to a Magellan spokesman, the dismissal of Sagasco's High Court appeal clears the way for proceedings in Queensland's Supreme Court, in which Sagasco could be forced to divest itself of the shares it acquired from BT Australia.
 -0- 5/21/93
 /CONTACT: Arthur B. O'Donnell, 203-525-1202, for Magellan Petroleum Corporation/
 (MPET)


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

LD -- NY003 -- 1070 05/21/93 08:00 EDT
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Publication:PR Newswire
Date:May 21, 1993
Words:184
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