Now that all interested parties have had a chance to load (or load what they could shake loose), I look for recent news of profitability to take MXC higher...
With 2D Seismic to begin soon, IFNY will be processing seismic data long into 1st quart 2014, with not meaningful catalysts to keep the share value afloat. Why would anyone buy IFNY now when the stock will be trading at +/- $1.00/share in January?
If you are going to take a 2-5 year gamble on a exploration play that has about a 5% chance of ever producing oil at an economic rate, why buy it when it is marked up 50%? when you can wait until it is $1.00?
"Eleven third party reported hydrocarbon shows" is a very unusual way to say that you encountered shows… I think that Sword is a dry-hole & MILL is carefully saying they drilled through the same formations that the previous well (from the 70's or 80's) reported shows in, and are trying to spin this in a positive light while still avoiding lawsuits…
This is not the only thing that is questionable about the report on Sword. They claim they were going to perforate 168ft of oil sands & 66 feet of gas sands; However, their reserve report is only based on 43 feet of pay…??? 166ft + 66ft = 232ft… No one perforates 232 feet to access 43ft of Net Pay, that is just plain stupid or a total fabrication.
One other inconsistency: there is absolutely nothing "Flexible" about punching holes in 232 feet of casing.
If CGG takes on projects for a portion of working interest & 1 out of 10 projects are successful, then they make money, if two mare successful then they make a lot of money.
I agree, that it is being manipulated & I agree that this is a buy signal… The entities that are manipulating the share price down are attempting to trigger stop-loss orders so they can accumulate shares. As soon as they are content with the size of their position, MXC will go up as if it has a rocket strapped to it's #$%$
Good Luck, I too am accumulating & waiting…
You do realize that When Zacks says "buy", that means whatever entity is behind Zacks is trying to sell shares.
If i were in Stan's shoes, I would have CCG an option to participate in up to 20% Working Interest on any & all future projects on the concessions. This way shareholders are not diluted to raise capital to pay CCG. If there is a prospect worth drilling, that can be used to attract joint venture partners, then IFNY can offer 60% to an operating farm-in partner & walk away with 20% carried working interest. Not a bad deal for a company like IFNY who has no cash, and really nothing to contribute at all.
ALL Deepwater Operators make statements like the following subsequent to dry-holes:
"The information gathered from this well will be integrated into our regional geologic model to help us assess the remaining exploration potential over our Lease(s)/Concession"
I don't know what to tell you, it is a fact… What else do you expect the CEO to say? He has to offer a bright side to the story, because that is what CEOs do.
These are simple facts, del with it.
LOL, Obviously you don't have a lot of experience following deepwater ventures. It really is what ALL deepwater operators say when they drill a dry-hole - it is the only possible way to put a positive spin on a $100,000,000.00+ failure.
If you are thinking about buying MILL, I suggest waiting, it looks like it is about to sell-off.
MILL is trading like it did October 23rd through 25th.
I don't think there is any chance of MILL putting up good numbers, The last project announced was a disappointment & management refuses to announce results from Sword. Knowing the way that MILL works if Sword results were good, then the results would be announced. Being familiar with the formations the were drilling, I would imagine that the oil-bearing zones they touted in the Press Release were to too tight to make noteworthy oil produce.
He's right, it never turns out well she operators start buying drilling rigs. Platforms are good, but rigs are bad.
This is confirmed by the lack of volume or the positive trading days of the 'Right Shoulder'… MILL is going back below $5.00 in the near future, or at least that is what the chart says.
They can't. They will try & tell you that IFNY has a CHANCE for an unbelievable play. What they will not tell you is that it has less than a 5% chance of being successful.
Well, if NBL was secretly trying to evaluate IFNY's concession, it did not work out too well did it?