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SAGASCO REPORTS RESPONSE TO ITS BID FOR MAGELLAN PETROLEUM CORPORATION

 ADELAIDE, Australia, May 26 /PRNewswire/ -- SAGASCO Holdings Limited (SAGASCO) announced today that it was disappointed with the response of Magellan Petroleum Corporation (MPC) (PSE: MPC), filed yesterday with the United States Securities and Exchange Commission, to SAGASCO's offer to purchase all of the outstanding shares of MPC for US$1.50 per share. MPC rejected SAGASCO's offer and refused to meet with SAGASCO to negotiate a merger agreement.
 SAGASCO confirmed that its offer will continue pursuant to the terms and conditions set forth in its Offer to Purchase.
 SAGASCO noted that MPC's response was, however, not unexpected in view of the past conduct of the directors to entrench their positions.
 As previously disclosed, SAGASCO has commenced legal action in Delaware seeking to invalidate certain "per capita" voting provisions in MPC's Certificate of Incorporation and By-Laws, and to reinstate the right of stockholders to call special meetings.
 SAGASCO also expects to file preliminary consent solicitation materials with the Securities and Exchange Commission shortly. The consent solicitation will seek, among other things, stockholder consent to amend certain provisions of the By-Laws of MPC, remove all of the current directors of MPC and elect nominees of SAGASCO to the board of directors of MPC.
 Any such solicitation which SAGASCO might make would be pursuant to separate consent solicitation materials complying with the requirements of Section 14(a) of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
 -0- 5/26/93
 /CONTACT: Scott Hutchinson, group finance manager - development of SAGASCO Holdings Limited, 011-618-235-3700; or Morgan Stanley & Co., 212-703-7262, for SAGASCO/
 (MPC)


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

WB -- NY058 -- 2558 05/26/93 15:12 EDT
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Publication:PR Newswire
Date:May 26, 1993
Words:285
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