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Magellan Petroleum Corporation Message Board

  • casserta@rocketmail.com casserta Jun 17, 2011 10:02 PM Flag

    Northern Petroleum: Loser like Magellan?

    Small-caps: Warning hits Northern Petroleum

    By Bryce Elder

    Published: May 27 2011 20:28 | Last updated: May 27 2011 20:28
    Northern Petroleum tumbled 35.1 per cent to 73p after the explorer warned that three of its four Dutch gasfields had not been as productive as expected.

    Northern cut its proved and provable reserve base in the Netherlands by about a third in response. “The reserves downgrade is perhaps not too dramatic, at least in the context of Northern’s wider portfolio which includes Italy and the UK, but will result in impairment charges and a reported loss in 2010,” said Shore Capital. It called the announcement “an effective profit warning” that “raises new questions about the company’s ability to deliver.”
    -----

    Birds of a feather flock together?

    Just look at carson & babs

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