Member Info for Barrelmaker58

No sign of any of the other Maggies but then I don't tend to frequent the boards as much as I used to. I have had a little bit of success but also a pathetically regular series of flops. Only invested in one other oily which actually pre-dates MAGP and has followed a similar pattern of high hopes, dashed dreams, potential game changers, imminent disaster and hold your breath and pray moments. No idea how its going to pan out but then the world in general is on that page. Hope you and yours are keeping well. I wonder how Rita and Stephen Snead are coping with all this. Equally so, I wonder if any of us old investors (cash donors) cares.

Just popped in for a peek. Still can't resist the odd look just in case by some miracle something stirs in the oily morass. Since the demise of dear old MAGP I have invested a little made a little potentially lost a bit and the whole world has gone mad. Really miss the simple days of joining in the banter of the pink hat brigade and looking forward to a post boom get together in Blackpool or some other far flung paradise. Who would have thought we'd all end up potless, locked down and restricted to wandering down our own garden or donning PPE to go on a pasta and toilet roll hunt. Strange times. Stay safe and happy trading.

Just had the official notification that MAGP has been wound up and all proceeds from asset sales have gone to paying off creditors with nothing left for distribution to shareholders. We all knew it was coming or indeed that it had already been confirmed but it's still sad to see it in black and white. On the off chance that others like me decided to have one last look at this message board, I just wanted to say thanks to all the regular contributors who both entertained and informed over the years. It was a lovely but ultimately expensive dream which (as I have said before) was in our case doubly so due to a bit of freak timing when we doubled our investment to move our account to a stocks and shares account only to see the price crash before the 3 day B&B process ended. Here's wishing all the old crew better fortune with future investments and you never know, maybe somewhere along the line some of us will meet on some other company's board and have the opportunity to celebrate rather than commiserate. In the meantime to quote Douglas Adams "So long and thanks for all the fish" or is that just the fishy smell created by MAGP's demise?

Just in case MAGP does disappear from here after tomorrow, I just wanted to bid a fond farewell to all the LTH's whose comments have brightened up this board over the years. At a risk of this turning into an Oscar speech, thanks to the likes of Robsky, Smidsy, Guidedog, A2, Mr English, Lindi, Big Col C and all the others who I never got to meet but whose comments I have much appreciated, especially after my cancer diagnosis made worries about the oil and share price seem slightly less significant. I hope this does survive and we get the chance to have a drink sometime, somewhere but if not, then it's cheerio from me GLA

Further to my previous posts, I've had a couple of calls from HSBC InvestDirect who have been unable to find any indication from MAGP that their delisting plan has been put aside. Their information is that the meeting tomorrow is to formally announce the delisting and that "subject to shareholder approval" it is going ahead.Quite how things will pan out regarding the vote I don't know, but it seems the company think they will have a mandate to go ahead. One way or another we we'll soon know. I'm assuming an RNS will be issued tomorrow or on Monday at the latest when we poor S/H's will be told what we have decided (Or what has been decided on our behalf!). There appears to be a plan B and maybe even a plan C but whether or not any of them give any real hope, who knows. I think it's time to man the lifeboats.....we're going down. GLA

Thanks for that A2. Nothing back from HSBC yet so it looks like I may just have to play safe and let my original objection to delisting stand & abstain from the asset sale question. Better get back to work and start trying to refill the coffers. Hold tight all, its going to be a rocky ride!

No, that's not what I am saying. The issue is that there appear to be two opinions about what motion we are being asked to vote on. According to the RNS and the note on the company web site, the motion is to dispose of assets to raise $1.5m to offset against our $2m debt. (We'll leave aside the issue of $30,000 from the disposal of Roger Swartz that many of us didn't know we still had and the fact that there is no mention of whether this move will mean the bank are happy for us to carry on trading with a reduced debt level) If your decision is to vote yes to that, you would just ask your broker (In my case HSBC) to register a yes vote. HOWEVER according to my HSBC letter, the motion is to delist so a yes vote would be to allow that. There is a statement that if you voted against the original motion to delist which was aborted due to the company not getting the requisite 75% then you need not vote again as your No vote would carry. So far so good but both the RNS & HSBC seem to have just one motion up for vote. Just different ones. So, if you still want to vote for no delisting and that is the motion on record, then you don't have to do anything but if the motion is to dispose of assets and you want to vote yes, you have to say so. If however you say yes to asset sales and it turns out the motion is for delisting, your yes vote will overturn your original no vote. Of course if you vote yes and the the motion is for asset sales, you are OK. CLEAR? Hopefully HSBC willconfirm later today exactly what motion or motions are on the schedule and I will be able to cast my vote without blowing a fuse or disagreeing with myself! Good to see your name crop up again, us LTH's have had a rough ride that doesn't look like getting any easier anytime soon. Hope the family are well and that there are still funds available to for their future education so that they don't make the same kind of mistake we appear to have done :-(

Thanks for the responses to my earlier post, I've contacted HSBC InvestDirect and they are looking into this to see if they can clarify exactly what is up for discussion. When we originally got them to register our opposition to the delisting proposal they had no info on the wording of it but as there was only one motion it wasn't an issue. Now though, they have a delisting motion on file but the MAGP web site and RNS only mention the plan to raise funds to offset against the debt by selling assets. That means that as things stand we could not be 100% sure which motion we are voting on. Difficult if you are in favour of one but not the other. The letter does say that unless you change your vote for the original motion to delist it will stand this time as well BUT that doesn't allow for a yes vote on asset sales without running the risk of that turning into a yes vote on delisting if the motions have been switched. HSBC are meant to get back to me once they have sorted out the confusion but June 22nd is rapidly approaching. I am definitely not confident that something dodgy isn't going on here.

Just had a notification from HSBC InvestDirect about the meeting on June 22nd stating that subject to shareholder approval MAGP will delisting from the AIM. This seems contrary to the declared vote on disposal of assets to clear some of the company debts. If you are voting at the meeting through a nominee account like HSBC be careful to ensure you are voting on the right resolution. This looks suspiciously like an attempt to get the delisting through via the back door. The communication from the board on this matter has been woeful. Firstly we were asked to consider delisting with no reference to the plan B of well disposal to pay down the debt, then when that was allegedly abandoned, we were given the option to vote for sales with no comment on the ongoing plan to continue trading if the plan was accepted or details of an alternative outcome if it was turned down. Now suddenly the delisting vote is back on the table on what was meant to be a one proposal vote. I don't pretend to be an expert on this or even the best informed but there is an ominous feeling that we are still being taken for a ride.

I guess the stagnation of the share price despite the substantial rise in the oil price meant that something had to give here, but this is a curious development. I recently wrote to the company asking for clarification on the state of play re the bank facility, whether the Western Energy deal was still active or on hold while the loan was under review, if the board were confident enough in the future viability of the company to consider further share acquisitions themselves and when we might get an update regarding well status, competent persons report and proposed lease purchases and disposals. As usual I got no reply and not even an acknowledgement. And now this! The last time the company bothered to make substantive contact with us shareholders was to help fend off NTOG's advances. We rallied at the time and did our bit only to see a consolidation that promptly saw the value of our holding drop by approximately three quarters in addition to the 90%+ drop we had already seen since the heady days of 5p. We have since been mostly ignored except for the occasional crumb dropped in the form of barely there news on RNS's along with the apparent full picnic hamper of the Western Energy deal and then.......silence. It beggars belief that the company are now asking us to forgo what little rights we currently have to be given news and lose our direct ability to trade shares into the bargain. With their record of keeping us in the dark, it hardly seems a welcome prospect to rely on web site updates to keep track of our investment. And all to save $100,000 p.a. Some of us (me included) have invested a substantial amount in both monetary terms and future financial security into this company and this has developed all the hallmarks of a con where investment is sought on a string of promises & when the flow stops there is an ominous silence & then...nothing. Even with this RNS, where is the news? What happened with the bank facility? What happened to the huge investment we were meant to be making on WED's behalf and the substantial value that was meant to bring us? What happened to us being able to make money with oil at a level of sub $30 a barrel? What happened to the value brought in from our leases in some of the biggest fields in the USA? What happened to the numerous proposals that were coming in every day? What is supposed to happen with our deferred shares? And most important of all...What happened to Generating significant value for our shareholders? None of this is covered in this RNS just a straightforward "We think its better you give up your rights to be kept informed, along with your rights to trade your shares and trust us to put your money to good use. If there's is any left at some indeterminate time in the future, we'll decide if you should have it back" Remember the mantra "In Rita we trust" Well sorry, but this investor no longer does. I'm voting NO.

Hi mate and thanks for the good wishes. Not sure how I have got to 60 when it seems like only a few years since I was turning 40! The cancer treatment is going fine but I wouldn't recommend it as a distraction technique for what's going on here! Good to hear from a fellow long termer. I wonder how many more are out there? Sorry for the off topic, must get back to trying to earn the retirement fund in the conventional way. Now, where's that Lottery Ticket?

Seeing mention here of Rita's bicycle incident in London brought back memories of the presentation that week at which I spoke to her about the share and the seemingly game saving escape she had negotiated from being involved in a well that turned out to be a dud. It was during that chat that she told me about being knocked down by the cyclist and I posted the news of her accident on this board. I remember the palpable sense of relief at the time that the progress of the company hadn't been derailed by either incident. All these years on, it is hard to feel the same positivity. The S.P. has steadily dropped and the level of confidence in the eventual outcome has followed. We hear very little from the happy gang of long term investors who were around at the time who may have bailed out or be like me, sitting in darkened room licking their wounds. The seeing off of Mr Snead's aggressive T/O bid seemed at the time to be a big positive as did the deal with WED but it is hard to feel 100% sure that either was ultimately to the shareholders benefit as Rita claims when the share price has continued to fall (Over 60% down since the consolidation) despite the recovery in the price of oil. I suspect I'm like many others in that it is not worth selling up now, even if I was inclined too. The loss I am sitting on is so big, the value left in is barely worth worrying about and there is STILL a chance that this will all come good in the end. I do feel we need clarification about the long term benefits of the WED money, the implications of the deal for us loyal share holders, the current status of the company regarding purchase (and sale) of drilling sites, Q4 2017 results, the exact significance of our deferred shares and most of all, whether or not The Plan is still relevant. I mark my 60th next week and am still undergoing treatment for cancer. It would be nice to see a little light at the end of the tunnel and get any news that would go some way to bringing back those halcyon days when we talked of penny parties, lands of milk and honey and planned for the contribution the good ship Maggie was making to our retirement plans. Fingers crossed those days haven't gone for good and good luck to you all.

Well what another tumultuous year it has been for the MAGP family! I haven't posted much but have been keeping a weather eye on all that has been discussed on here and can honestly say, I am none the wiser about what the future holds for us all. My Xmas wish list for Santa is 1/ More sustained good news for all of us long suffering share holders. 2/ A rise in the oil price so that our wells may gain some value 3/ A regular appearance on the share risers list 4/ An explanation of what the **** our early Christmas gift of deferred shares do! Greedy I know but I have been very good this year. Enough waffle, things to do, people to see etc. May I wish a very Merry Christmas and a happy, healthy and prosperous New Year to all shareholders. Thank you for your knowledge, wit and patience throughout 2017.

Very funny indeed. Now take your tongue out of your cheek, unlock the wallet and dive in for some more golden nuggets. Nice to see people retaining their sense of humour in the face of everything that we have gone through!

UBS Thanks for that stisbury2405. I vaguely had that in mind but long term exposure to the AIM and a couple of investments in particular have mangled the grey cells to the extent that I have very little confidence in my memory! I do though clearly remember the golden era of MAGP and why I decided to jump on board. Here's hoping that a return to those times is coming our way.

Nice as it is to see the rise in the share price, I suppose we will have to wait and see if it is the start of a steady increase or if it will be torpedoed by short term profit takers (and yes, I am talking about S. Snead's former holding) NTOG have already stated that they have completed the transfer of 204,226,749 shares from Snead and that a mid market MAGP price of 0.095p would represent a profit of 58%. The big question is: Will they see the future potential of the company and opt to hold on to the shares or will they take the safe option and pocket the profit. Either way we should be expecting an RNS conforming the holding status of such a large shareholder and may have to brace ourselves for 204m+ shares being sold (presumably in separate bundles). Remember the effect the previous sell off had when blocks of shares were disposed of by a previous corporate holder (Sorry, the name has slipped my mind). And that was when we were still flying relatively high. Not trying to put a damper on this and am still holding a considerable long term investment. Convinced we'll get there in the end but we may all need a large slice of patience. GLA

Good to hear. Each and every vote counts. Keep them coming guys

Sorry my last post should have been headed Elin not Erin (DOH!) Proxy votes cast. c3.5m shares on the side of Rita & co GLA

I have had a reply from the HSBC share dept. Hope this helps. Thank you for your message dated 27 June 2017. If you'd like to vote on motions presented at an EGM for a company in which you own shares but don't wish to attend the meeting, you can vote by proxy. To do this, please provide us with the name of the company, date of the meeting and in order to process your votes you'll need to enter a vote for / against / abstain on all resolutions. Please note, it can take up to 48 working hours for us to lodge a proxy vote, therefore, you would need to provide this information at least two business days before the EGM. If you require any further assistance please call Customer Services on the number below or alternatively please log on to our website and contact us via your Email Centre, which reaches us via a secure electronic link. Our opening hours are 7.30am to 9.30pm Monday to Friday and 10.00am to 4.00pm Saturday.

We also have a batch of shares with HSBC as well as some in a Halifax share ISA. I sent a message to HSBC yesterday for advice on how to activate a proxy vote. As soon as I get a reply I will post the details on here unless somebody else can fill in the details 1st. ATB