Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I’ve listened to the Pod Cast and our CEO continues to sound confident and positive about the current trading and the year ahead however, I would have preferred Rita to have been a little more concise with her answers. She states that the new wells are profitable at $50 per barrel however what margin does this generate because if it is currently costing $49 per barrel to produce then there is very little in it for us. There were missed opportunities in the interview, give us some idea of the updated 3 or 5 year projections?, what’s the deal with NTOG? Why did Snead leave so suddenly? – a heard of elephants in the room! The interviewer was weak by asking the same old questions and Rita provided the same old answers. If I’d been Rita I would have taken the opportunity to tackle the issues that are most relevant to the shareholders. If we are going to be a growth company then the pace needs stepping up. I have a significant investment in MAGP so please don’t interpret my comments as negative but this was another missed opportunity to sell the potential of our company supported by real facts and not to roll out the same old story which is sounding a little boring now....
Last year the 'Final Results' were posted on 27th. June. Will we see this years report any earlier? My guess if Rita wants to keep the ball rolling on the back of the last couple of RNS's she will release the figures asap. That's provided they're good. Be interesting to see if she responds to GD7 email re NTOG and the answers she gives.
Rita has spoken!!!
RFW podcast http://www.share-talk.com/share-news/rita-whittington-ceo-of-magnolia-petroleum-aimmagp-interview/
The scrutiny of participation proposals seems apparent some we take some we don't this is down to the wealth of knowledge we have now acquired from drilling reports due to our small participations in a lot of wells. IMHO
Very upbeat now!!! Thanks for bringing that to our attention.
"best interest for Magnolia and its shareholders" is a phrase that comes across often Smidsy, looking forward to the replication of the 3 - 1 return on investment , "we are now in a period of Growth" although Rita sounded as if she was reading from a sheet of prepared answers and not off the cuff the confidence is there. The only mention of SOS was to the former CEO
Rita comes over as very positive and upbeat and does know where she is going. No mention of SOS. I am a lot happier now I have heard this broadcast.
Cheers Okenia good post clear as a bell lol the LSE don't know the difference between MAGP and NTOG and it is their mistake. I think GD has fired of an e mail regarding this. Either way I am still in the red corner.
"Its up to our own CEO to issue MAGP RNSs surely" Correct but there's no suggestion that NTOG are issuing MAGP RNSes (they can't) The 4031G RNS was correctly issued by NTOG, from their RNS account, and is on the London Stock Exchange (and Investegate) as an NTOG RNS. It is very clearly labelled as an NTOG RNS. It was written by NTOG and details a commercial transaction that NTOG did that requires NTOG to notify the market of because of its scale. It's an NTOG RNS, not a MAGP RNS. http://www.investegate.co.uk/nostra-terra-o--38-g-co--ntog-/rns/acquisition-of-interest-in-magnolia-petroleum-plc/201705261315014031G/ The fact that LSE (this website) can't work out which bulletin board to put which RNS under is not NTOG's fault. This website does occasionally have (cough) 'issues'. I suggest you email London South East admin and tell them of their error and get the RNS moved over to the correct feed. This happens all the time on LSE. What you also should be asking is why MAGP has not issued any RNS to comment on the NTOG deal. Even if just as a courtesy so that MAGP shareholders find out about the NTOG deal. Even better, some context / comments / response would be appreciated by MAGP shareholders (the 90%), that is very true.
Still no mention of RNS no 4031G on NTOG bb where for me it should have gone in the first instance if issued by them. Its up to our own CEO to issue MAGP RNSs surely. GD you will probably get a reply from Frank to your query.
Yesterdays NTOG RNS was a decent positive update, Finished with Matt Lofgran, Chief Executive Officer of Nostra Terra, commented: "With 6 consecutive months of operating profit and now increasing production rates, Pine Mills continues to generate solid cashflow for Nostra Terra. "Our primary focus as a Company is to increase production on assets that can generate free cash flow at current lower oil prices. Pine Mills is a great example of this, where the net cash flow covers the majority of our corporate overheads. "We look forward to updating on further progress on Pine Mills as well as other areas of our portfolio." http://www.lse.co.uk/share-regulatory-news.asp?shareprice=NTOG&ArticleCode=c0v9h8eh&ArticleHeadline=Pine_Mills_Update__Investor_Conference_Call
Hi what did it say?
Trump to release what he plans to do in regards to the Paris Accord in the next few days. "Make America great again". Could this have an impact on the oil price. Why not post some good news on the rns at the same time rita, try and get this SP moving again
Dear Rita / BOD Please can you enlighten us the other 90% of MAGP share holders what is going on with NTOG who claim to now own 10% of MAGP and seem to be calling all the shots with statements on their own web site as well as the AIM market !!! JUST SENT THIS TO RITA ON OUR WEB SITE . LETS SEE WHAT HAPPENS.
Ready to a move north disco.... Reeelax we could do with some decent results though.
Hey ho! At least the blue pen has benefited from a new ink cartridge.
Morning looks like even more hocus pokus and misreporting or mistakes on AIM, no explanation nothing , who is supposed to regulate this shambles Think NTOG jumped the gun IMHO
Should have said posted Friday not yesterday.
The RNS posted yesterday on NTOG regarding MAGP has been removed.
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/NTOG/13243161.html RITA we need to know what is going on??? anyone emailed Frank ????
Disco, my feelings too. Much has been made of the cost reductions and it again crystalizes the 'best leave the 90% in the dark'approach that has done little to maintain SH value over the last couple of years or more. Neither RW or SOS can be held responsible for the downturn in the industry but I felt for some time that the failure to rake in cash when oil was $100/barrel was indicative of something less than helpful. I actually think that they have done well to still be here by now and instinctively feel that RW is moving in the right direction with much lower risk infill wells. Gaining lease acreage was the main focus of the business at the start. This has all but gone into reverse. The massive loss last year caused by the right off of big chunks of acreage has clouded the true picture. Of the wells we have left in production, is anyone actually clear on RTI and how many have actually delivered the claimed pay back in months'. Some clarity about performance and again, the strategic direction of the company would go a long way to settle nerves here. Just a shame it only seemed to matter to the BoD when they were on the roadshow circuit seeking funding back in the day. Today's RNS is undoubtedly a positive step forward but as it raises more questions that it answers, unfortunately the rumour mill and plain anxiety will I fear, take its toll until someone decides to rip aside the curtains of mystique that Miss Maggie has become.
If there is more to the private transaction than meets the eye it'd be terribly nice for the remaining 90% of us to have a bit of clarity on the subject. However, former directors and a 10% shareholder cannot wield that much influence on current Bod in my opinion and a broker knows better than to try to give the Bod lessons in cost reduction exercises surely to god.
And this from Q1 update on 10 april 2017: Board continues to be remunerated in shares of the Company in lieu of cash as part of ongoing strategy to minimise corporate and operating expenses Further cost reductions - 45% year on year reduction in Q1 operating costs building on 31% reduction in corporate overheads and operating costs at the time of the half year results as at 30 June 2016
Really? NTOG approached to reduce cost base of MAGP? This is an extract from 28 Sept 16 RNS: Magnolia CEO, Steven Snead said, �Against such a challenging market backdrop, to have generated underlying earnings of US$59,416 for the first half having reported a loss of US$560,919 in H1 2015, is testament to the excellent progress we have made in realigning the business to the current low oil price environment.� This has seen a 31% reduction in our cost base; the divestment of interests in 67 non-economic wells; the repayment of a large portion of our reserves based lending facility; and our focus on participating in only those wells which have attractive economics at today�s oil and gas prices.