I think the suggestion(s) that SOS and RFW could have taken the $1m consultancy outside of MAGP is perhaps misguided. Consider who is going to pay them $1M and for what.
The RNS says "for consulting services provided to an international company acquiring an oil and gas project in Oklahoma".
OK, so they know about that, but for $1m you'd want a bit more than somebody's opinion. You'd want to see drilling data and geophysical survey results, just the type of information that MAGP gets from its small percentage holdings in lots of gross acreage. This is intellectual property of MAGP not SOS or RFW and there are probably rules over what (from the small holdings) they can disclose to a 3rd party.
So $1m is a combination of the information value and the interpretation of that information.
Great work by the team to get value from their knowledge!
Wanting to add more at preferably lower levels but we shall see. Great news today, this company is going places (but I dont have to preach to the converted) now lets see if I can reach the magical 1M before it becomes to expensive for me to do so.
Nice million dollar rabbit out nowhere this morning plus the not insignificant 47 barrels addition.
If we are right in thinking that Steven Snead & Rita could have kept that consultancy contract separate from Magnolia, then it was a generous gesture to the shareholders from the BoD. The important thing is what Rita can do with that million, on top of last week's 240K. We know that she gets plenty of appealing offers of well participations. I'd say she will spend wisely.
Anyway, we are motoring along nicely. We'll drag that SP up someday.
......I think we need the patience of Job here, but we're way ahead of where we were at 5 pence in reality. AIM is plain bonkers sometimes but quality will out in the end. The theory on EDG is that the sp is being held. Again, just on statistics, far ahead of the 20 pence days.
It's not just on here. Yesterday on Edge the SP dropped after a good RNS because the 'Broker' got his sums wrong. This cost me several hundred pounds for a mistake made by someone else who is unaccountable for his actions.
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.