Magnolia Petroleum up 11% today on what looks like a fairly bland quarterly update. No news on how much oil or gas they are earning from and at $33 cost of production on average across its portfolio and oil trading below that figure the final results will be interesting. Hopefully market will see that NTOG is a better bet as the board has been hammering on about attractive opportunities the low oil price is causing. A nice new acquisition with production is what's needed here while the buyers are around.
Glad this week is over and that Nostra has ended the week flat, would have preferred ending on a plus but the sector has had a bad couple of weeks. My broker went to an oil company presentation yesterday and came away more comfortable than when he went in. Said the company is looking at taking advantage of some interesting opportunities the low oil price has thrown up in the sector. I reminded him that NTOG has already started down this road. Would be nice to see another acquisition with production.
As I recall, lawyers arent cheap and NTOG spent over $200k during the previous court case against HP. Still only took a few years to get that settled. That was another one of those cracking deals we got involved with.
Still take heart, unlike IRG we have funding sorted which means we'll be funding even more of these great deals ML finds.
this is significant for NTOG too, hence the drop. Looks like they have underestimated the costs again. Doubt they will manage to get any meaningful reduction in costs. North are the Operator and have the advantage.
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