CONSENT OF INDEPENDENT AUDITORS


We consent to the incorporation by reference in the Registration Statement (Form
S-8) pertaining to the Magellan Petroleum  Corporation 1998 Stock Option Plan of
our report dated September 11, 1998, with respect to the consolidated  financial
statements of Magellan Petroleum Corporation included in its Annual Report (Form
10-K) for the year ended June 30, 1998,  filed with the  Securities and Exchange
Commission.

                                                    /s/ Ernst & Young LLP



Stamford, Connecticut
January 12, 1999