Yeah, it's good to see that Rita is being frugal in regard to unnecessary expenses.
That is a big amount invested so far this year, Robsky. Looks like we have plenty to look forward to.
Geez, I have nothing left, at present, to add some more. The price is surely baffling, in light of the recent confirmation of the low production costs as well as the substantial consultancy fee which was added to our investment fund.
In the current climate of lower Oil prices , perhaps it may be prudent to shelve the Self Operator aspirations for a while and pick up some more Land whilst prices may have weakened. OPEC meet late in November I think and I speculate that Oil prices may firm in the New Year
Keeping my head down for the present but all being well, based on recent new findings, I shall continue to add over coming months. All evidence points to MAGP m-o is based on sound principles. Disparate strands of comparison indicate several smaller companies are running into cul de sacs owing to inadequate forethought on consequences of over-ambitious expansion.
One example is Avalon (AOGP) -- already $30m in the red -- which expects annual losses to continue for several years. That sort of race may invite an ever-present threat of foreclosure. Whereas I earlier thought in terms of far greater MAGP participation percentages, management's continuing policy of spreading risk via well numbers with modest sums is proving its worth. We already know that many of the lease locations are in the midst of prime areas . . . far better to target known sweet spots rather than taking up blanket areas that may have poor outcome.
". . . confirming 400 million barrels of recoverable oil and 250 million barrels of valuable condensate as well as associated gas".
The Springer really caught my imagination, particularly on learning that it consisted of a mixture of sandstone and shale, viz. improved porosity characteristics. Later, it is learnt, that that composition has drawbacks in places; drilling has to be undertaken with great care as the well bore is prone to collapsing on itself. Generally, reservoir pressure seems very favourable.
The SP might be doing its usual tricks, but there have been some revealing posts tonight. Many thanks to those who had the audacity to pester the "oil queen".
Good result OS glad to see the company is very prudent with our money.
Out of interest Magnolia has invested a total of US $3,294,593 in 25 participations in 2014 so far, from that the average interest per well is now 3.2% over the 25 wells invested in with an average CAPEX per well of just shy of U.S $132,000 of these wells only six IPR's have been declared.
4 x ND Kodiak @ average IPR 2206
2 x Oklahoma wells at average IPR of 447boed.
This all leaves 19 Oklahoma wells of average participation of 3.2% to declare for this year's investments and the balance from last year including some 4 & 5 percenters still progressing and yet to declare.
Hi Robsky and all-well I have received a reply to my last e-mail addressed to Ms Rita Wittington,COO.This response is from Mr Frank Buhagiar of St Brides Media and Financial.I won't produce it verbatim,but it is basically company waffle reiterating what we already know, in that the last known figure is 257BOEPD as at 1st July.Magnolia commissions independent consultants,twice a year to determine the daily production and this self same info is released to the market.In order to have daily figures they would need to employ a fulltime engineer so the current method is more cost effective.It all seems fair enough to me but no harm done in asking the question.GLA,regards,OS.
Thanks Rich only the second time I have mailed and both times have been replied to but don't want to make a habit of it she is far to busy oil hunting me thinks.
It has been very quiet here today have narrowed down the new well locations to be Van meadows - Noble, B&W1-24 - Payne and Woodrell - Pawnee still not 100% yet I should have asked my friend to confirm but that would take out all the fun lol.
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