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 3, 1997 except for Note 2(a),  as to
which the date is September 15, 1997, 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, 1997.



                                              ERNST & YOUNG LLP





Hartford, Connecticut
September 15, 1997