SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C.

                                    FORM 8-K

                                 CURRENT REPORT


     Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934


          Date of Report (Date of earliest event reported) May 15, 1997


                         Magellan Petroleum Corporation
             (Exact name of registrant as specified in its charter)


         Delaware                       1-5507                   06-0842255
State or other jurisdiction          (Commission               (IRS Employer
     of incorporation                File Number)            Identification No.)


             149 Durham Road, Oak Park - Unit 31, Madison, CT 06443
               (Address of principal executive offices) (Zip Code)


        Registrant's telephone number, including area code (203) 245-7664



         (Former name or former address, if changed since last report.)



<PAGE>


                                    FORM 8-K

                         MAGELLAN PETROLEUM CORPORATION


Item 5.          Other Events

                 On May 15, 1997,  the Company  reported  that the Dogwood 14O-1
well in Baca County,  Colorado has been  plugged and  abandoned  after two tests
failed to recover any  hydrocarbons.  As previously  reported,  the Company will
write off all of the  remaining  costs  associated  with the project  during the
fourth quarter of fiscal year 1997. The estimated after tax charge to net income
will be approximately $1.1 million.



<PAGE>





                                   SIGNATURES


          Pursuant to the  requirements of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                                  MAGELLAN PETROLEUM CORPORATION
                                                            (Registrant)



                                                  By /s/ James R. Joyce
                                                     Name:   James R. Joyce
                                                     Title:  President


Date:  May 15, 1997
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{"company-data": {"conformed-name": "MAGELLAN PETROLEUM CORP /DE/", "cik": "0000061398", "assigned-sic": "1311", "irs-number": "060842255", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-05507", "film-number": "97607627"}, "business-address": {"street1": "149 DURHAM RD", "street2": "OAKPARK UNIT 31", "city": "MADISON", "state": "CT", "zip": "06443", "phone": "2032458380"}, "mail-address": {"street1": "149 DURHAM RD", "street2": "OAKPARK UNIT 31", "city": "MADISON", "state": "CT", "zip": "06443"}, "former-company": {"former-conformed-name": "MAGELLAN PETROLEUM CORP PANAMA", "date-changed": "19671130"}}
SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C.

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

          Date of Report (Date of earliest event reported) May 15, 1997

                         Magellan Petroleum Corporation
             (Exact name of registrant as specified in its charter)

         Delaware                       1-5507                   06-0842255
State or other jurisdiction          (Commission               (IRS Employer
     of incorporation                File Number)            Identification No.)

             149 Durham Road, Oak Park - Unit 31, Madison, CT 06443
               (Address of principal executive offices) (Zip Code)

        Registrant's telephone number, including area code (203) 245-7664

         (Former name or former address, if changed since last report.)
FORM 8-K

                         MAGELLAN PETROLEUM CORPORATION

Item 5.          Other Events

                 On May 15, 1997,  the Company  reported  that the Dogwood 14O-1
well in Baca County,  Colorado has been  plugged and  abandoned  after two tests
failed to recover any  hydrocarbons.  As previously  reported,  the Company will
write off all of the  remaining  costs  associated  with the project  during the
fourth quarter of fiscal year 1997. The estimated after tax charge to net income
will be approximately $1.1 million.
SIGNATURES

          Pursuant to the  requirements of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                                  MAGELLAN PETROLEUM CORPORATION
                                                            (Registrant)

                                                  By /s/ James R. Joyce
                                                     Name:   James R. Joyce
                                                     Title:  President

Date:  May 15, 1997