I think the Board have been very astute offloading these assets, they provide minimal revenue and are probably more of a hindrance than a help. Although the proceeds havnt amounted to much its all revenue that can be recycled for better use.
Looks like some one sees the value in magp. Definitely getting value as it would seem they are buying at a discount. Dummy buy and sell yesterday afternoon were at 1.08 to buy and 1.021 to sell. This morning was 1.09 to buy and 1.24 to sell with mms taking 1.4 mil in one chunck at 1.024. Yesterday am over 1mil was NT. Will we see more buying today???? And where are they getting the shares from?
The realised value is neither here or there, so looks like nothing more than a simplification of assets; no major percentage play amongst those sold. Leaves a dozen or so interests in Texas / Alabama / Florida.
In short, MAGP is clearly maintaining the focus on Oklahoma and North Dakota. The Texas assets were/are a legacy of the original company holding and probably cost more to manage then they actually produce, so just good management having a tidy up.
Warning: This is obviously going to have an impact on the headline figure for the number of producing wells come the next update. Lets hope the MAGP PR machine makes it very clear what has happened otherwise those with 'limited knowledge' will no doubt assume the company has gone into reverse.
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.