Does this sound like MAGP is in trouble. Hell no. The BOD have cut their material according to the present situation. Don't forget Steven has only been paid in shares.and I expect he is planning on a comfortable retirement and Rita has stated that this project would be her last one and she was giving the proceeds to her grandchildren. She had planned that Maggie would take some five years to mature into a significant company but alas this was not to be and a couple more years have been added. I have been here since Feb. 2012 and so a couple more years won't hurt. LOL (if I live that long, the big 70 is my next birthday)
Magnolia COO, Rita Whittington said, “Thanks to two new wells coming on stream during the Quarter and following the divestment of 67 producing wells with little or no economic value in 2016, Magnolia ended the year with a portfolio of 153 producing wells located in proven US onshore formations.
“With WTI consistently trading above the US$50 level on the back of the recent OPEC meeting and our cost base almost a third lower than it was a year ago, Magnolia is well placed to step up our level of drilling activity once a recovery in sentiment has become firmly entrenched. With this in mind, we are encouraged by the noticeable pick up we are seeing in planned drilling by operators in our areas of focus; while on a wider level the near 10% month on month increase in the US rig count to 634 in December 2016 bodes well. Our strategy and objective remains the same: to drill alongside established operators to prove up the reserves on our leases, and in the process generate value for our shareholders.”
Morning all, Disco sharing your sentiment and lack of excitement, on balance a few buys look to have been generated and not the usual sell of and drop on the SP although it is early days yet.
The Michelle abel well completions are not in as yet so Rita probably can't say until Marathon divulge this info however Marathon wells in Grady Wheeler 1-6XH produced 707 BOED and Nekiah1-18XH produced 988 BOED at circa 50% oil from the woodford the Michelle is a Springer,morrow,missi well so might surprise us.
Like jr glad to see we are still in the game even with the muted RNS. GL
Like very many here, I am quite heavily invested in MAGP.
I must say I am feeling wo emotions this morning.
On the one hand I was pleased/ relieved to see the flashing red dot when my alarm went off. The fact that the Board are still alive is surely a good thing.
However, on the flip side, I am quite frustrated. The RNS is little more in my opinion than a copy and paste effort. In my opinion it falls short in commensurate terms of the pain and patience that long term holders are having to experience.
Sorry - that's the way I feel! How about something new BoD? Time to change the format of your quarterly updates at the very least to show the market and shareholders that you are not just regurgitating the same old stuff because you feel you should.
The message I am seeing is that the BOD are confident with the eventual outcome for Maggie. To have plans to start drilling under today's market restraints to me shows that they are sure of their success. I have no plans to move elsewhere, I am sticking with MAGP and I can see daggers1 being a little more relieved on the back of todays RNS.
Outlook New wells due to come into production in Q1 2017 Participation with leading operators in new wells and infill drilling which are commercial at lower oil prices Updated Reserves Report as at 1 January 2017 due in the near-term On-going lease acquisition and management activity in line with strategy to grow and diversify portfolio
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