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SAGASCO TERMINATES BID FOR MAGELLAN PETROLEUM CORPORATION

 ADELAIDE, Australia, Dec. 3 /PRNewswire/ -- SAGASCO Holdings Limited ("SAGASCO") has announced the termination of the tender offer by its wholly owned subsidiary SAGUSA Inc. ("SAGUSA") for the outstanding shares of common stock of Magellan Petroleum Corporation ("MPC") (PSE: MPC).
 Following a reassessment of values based on its analysis of recent information relating to (i) the amounts of proved and probable gas reserves in the Palm Valley field in the Amadeus Basin of the Northern Territory of Australia, (ii) the costs and timing for the recovery and delivery of Amadeus Basin gas reserves, and (iii) the likelihood and timing of significant new contracts for the sale of such gas reserves, SAGASCO has determined that the benefits expected to be derived pursuant to SAGUSA's tender offer are likely to be less than previously believed. As a consequence, SAGUSA has terminated its tender offer without accepting for purchase or purchasing any shares of MPC common stock.
 -0- 12/3/93
 /CONTACT: Scott Hutchinson, Group Finance Manager - Development, SAGASCO Holdings Limited, 011-61-8-235-3700; or Morgan Stanley & Co. Incorporated, 212-703-7262/
 (MPC)


CO: SAGASCO Holdings Limited; SAGUSA Inc.; Magellan Petroleum
 Corporation ST: IN: OIL SU: TNM


TW -- NY012 -- 0126 12/03/93 09:17 EST
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Publication:PR Newswire
Date:Dec 3, 1993
Words:198
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