<ARTICLE> 5 <LEGEND> (Replace this text with the legend) </LEGEND> <CIK> 0000061398 <NAME> Magellan Petroleum Corporation <MULTIPLIER> 1 <CURRENCY> U.S. Dollars <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> JUN-30-1996 <PERIOD-START> JUL-01-1995 <PERIOD-END> JUN-30-1996 <EXCHANGE-RATE> 1 <CASH> 11,278,957 <SECURITIES> 0 <RECEIVABLES> 2,733,197 <ALLOWANCES> 0 <INVENTORY> 371,925 <CURRENT-ASSETS> 14,384,079 <PP&E> 69,570,886 <DEPRECIATION> 26,053,222 <TOTAL-ASSETS> 58,421,502 <CURRENT-LIABILITIES> 4,526,356 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 246,912 <OTHER-SE> 21,724,927 <TOTAL-LIABILITY-AND-EQUITY> 58,421,502 <SALES> 15,667,049 <TOTAL-REVENUES> 18,073,018 <CGS> 0 <TOTAL-COSTS> 13,881,386 <OTHER-EXPENSES> 2,507,274 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 30,690 <INCOME-PRETAX> 1,684,358 <INCOME-TAX> 803,752 <INCOME-CONTINUING> 880,606 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 880,606 <EPS-PRIMARY> 0.04 <EPS-DILUTED> 0.04