Hi Riddler hopefully yes yes yes, but only BOD or wee Brooke know the current lease, acreage and well position, I had a good handle on the state of play at one point but now short of information given recent events.
Well participations under 1.5NRI are not notified by RNS so are unknown and that includes the latest 10 Clr wells at 0.53% and also the added 3 new Sympson wells (where I believe we have right to participate but undeclared as yet).
It would be interesting to know when Devon and other operators sold out their shared positions to others did we (Magnolia ) retain our interest or sell accordingly, might be a mix of both, assuming new operators would want maximum ownership.
As already mooted for example Whitestar seem to have reduced production on the Logan wells therefore creating cashflow reduction for MAGP, these 10 wells Marions, Lemmons and Rothermels were 4%NRI earners so not insignificant at near $200k per well (circa $2mil) investment, I also noticed that Mechanics Liens were taken out at the time of the takeover to protect our investment, this would will have been magnified given other take overs in our wells of interest.
Consideration might have been taken at the time to monetise these assets and concentrate on new acreage in more prolific areas, if so this has not been reflected in the leasing position or the fact that we had an issue placing at 0.1p to raise funds, we need to trust that the management knows best.
While production is not the main purpose of MAGP, cash flow and production is required for re-investment of the income after expenses to prove up land on our acreage through drilling and therefore increase our oil and gas reserves .
All IMHO DYOR
RICH I like kissing but not retracing lol ....I was hoping the rhetoric surrounding trump and the America coming first will encourage the use of home grown oil and less importing to the US that would help our case however the POO is a world commodity so who knows ? also it looks like the UK will become a larger purchaser of gas from USA.
"Whether the optimistic outlook permeating the energy sector is more cautious or full-speed ahead will become increasingly clear in the coming weeks as operators unveil their year-end earnings results and, more important, their spending plans for 2017"
Crude Oil Rallies As US Rig Count Soars By Alliance | Fri, 20th January 2017 - 19:51
WASHINGTON (Alliance News) - Crude oil futures rallied Friday for a small weekly gain, despite further signs that US production will skyrocket. US energy companies this week added the most oil rigs since 2013, as big oil looks to take advantage of plus-$50 oil prices. Baker Hughes reported the number of active US rigs drilling for oil jumped higher by 29 to 551 rigs this week. Analysts say US and Canadian production may prevent OPEC quotas from ending a global supply glut that forced oil below USD30 in 2015. Yesterday, the Energy Information Administration reported a build of 2.3 million barrels for the week to January 13, to a total of 485.5 million barrels. Feb. WTI oil gained USD1.05, or 2%, to settle at USD52.42/bbl. Crude oil was up 0.1% for the week. In economic news, Philadelphia Federal Reserve President Patrick Harker said he expects three interest rate increases in 2017 if the economy stays on track. "I see three modest hikes as appropriate for the coming year, assuming the economy stays on track," Harker told the New Jersey Bankers Association. "The economy is displaying considerable strength."
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