Exhibit 23 (2)



                  CONSENT OF INDEPENDENT CHARTERED ACCOUNTANTS

We consent to the incorporation by reference in the Registration Statements on
Form S-8, as amended, (File Nos. 33-82944, 333-02651, and 333-59367) pertaining
to the Electromagnetic Oil Recovery, Inc. Securities Compensation Plan, the 1995
Long-Term Incentive Plan and the CanArgo Energy Inc. Stock Option Plan,
respectively, of our reported dated February 18, 1998, with respect to the
consolidated financial statements of CanArgo Energy Inc. as at and for the six
month period ended December 31, 1997, included in the Registration Statement on
Form S-3, as amended, (File No. 333-48287) of Fountain Oil Incorporated, filed
with the Securities and Exchange Commission.



/s/Ernst & Young

Chartered Accountants


Calgary, Canada
July 24, 1998