Recent

% | $
Quotes you view appear here for quick access.

Magellan Petroleum Corporation Message Board

  • taffytaft taffytaft Aug 6, 2010 3:15 PM Flag

    Very strange

     

    We supposedly have a commitment to expand the issued and outstanding stock by 10 per cent at a price of $3 while the stock has been languishing at this $1.80 or so level for a couple of months now. We also have our savior selling 105k from his personal account at this low level even as we have been informed his corporate ego will be consumating the $3 per share $15+ million buy within six weeks. This smells very badly. I know I lost this debate a while ago but I'd like "huevos" to give us the latest inside take .

    This topic is deleted.
    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • If you pull up the audio under events on the IR page of MPET, you can hear why Hastings is buying on the open market- here he estimated at current methanol prices, the Evans Shoal field is worth $8/ share; I agree with his math, but as prices rise, so will the value of this field. Evans Shoal is not a legacy asset. The company was extradordinarily cash rich (for their size) when they purchased it from Santos, who is selling all kinds of assets in order to focus on developing their large coal methane fields. There are already three wells producing 25MMCF of gas per day in the Evans Shoal field- MPET will probably develop about ten wells in the field. The field is already producing. Montana is also already producing. The Bakken in the Montana is less certain, but has highly productive horizontal wells 10 miles away- odds of the Bakken their being commercial are maybe 50-50 (the Bakken has shows in this area but there are no horizontal wells there- good idea to farm in some of this)- the rest in MT is 100% sure producing, we will have to see how much they can add to the productivity of this field through enhanced recovery techniques - they think they will add a lot.

    • doctor, could you give me the math on how you arrived at $8 per share on evan shoals? second, help me catch up here. What is the history on why the seller let go of evans if so valuable? last, on a scale of 1-100 with 100 being highest confidence, what is yr best guess on the probability of both montana and evans eventually producing? any info helpful.

    • I agree that all of the terms and "buy levels" don't make sense. Honest question: Would you be as suspect if the financier were to be Canadian, Australian, British, or other? I ask this because my own suspicions are jaded by the "Russian Connection." C-72

 
MPET
1.33+0.03(+2.30%)May 27 4:00 PMEDT