EXHIBIT 23






                         Consent of Independent Auditors


We consent to the incorporation by reference in the Registration Statement (Form
S-8 No.  33-38429)  pertaining  to the Stock  Option Plan of Magellan  Petroleum
Corporation  of  our  report  dated  September  5,  1996,  with  respect  to the
consolidated  financial statements of Magellan Petroleum Corporation included in
the Annual Report (Form 10-K) for the year ended June 30, 1996.



                                                     ERNST & YOUNG LLP





Hartford, Connecticut
September 12, 1996