You are right about that. If oil were still 80-90 dollars a barrel, the UK might have more incentive to speed this along. I am holding the Magellan shares I have but not with much hope of a good result especially with oil having hit the upper 30's and drilling a production is far more profitable centers of the U.S. shutting down.
United Kingdom Oil and Gas has taken an additional 10% stake in Holmwood which is adjacent to the Horse Hill block and will drill next winter. I am beginning to wonder, in the meantime, if they will ever flow test Horse Hill. At one point, the CEO of UKOG thought the flow test would be approved by now and we would have results by December. Can Magellan, with the selling of parts of their Australian holdings, hold on long enough for HH to show results?
It is too bad that they have to do that as Central is on the cusp of major share value acceleration given the likelihood that the NEGI pipeline in built from the Alice Springs area to either Mt. Isa or farther south into the Moomba area. I am considering buying Central shares if I can find a reasonable broker to handle such an order.
No great news here nor any particularly bad news. Costco expansion is a positive as is increased China sales. Reduced astaxanthin production caused some disruption as did slow start to new processing system. So, we wait another quarter. If I were a major health food company I might see this as a chance to take out a smaller competitor cheaply.
I would appreciate your not using the diminutive of my name wildbeenyheath. Please offer other options besides bankruptcy or do not bother responding.
I was hoping for a civil answer answer to my query with possible options for Magellan (if any). If someone would care to civilly respond it would be welcomed.
Don't be a smart #$%$ although your response is about what I would expect from an avi clone. I suspect it all goes under but the question was asked honestly.
West Texas bank takes possession of Poplar if the loan cannot be paid but what happens to assets held in the UK and also to shares of Central Petroleum controlled by Magellan in Australia?
100% of your investment is at risk from day 1. Magellan, at this price, is worth risking a couple thousand dollars on the chance that one could double or triple their investment. But one would also need to have huevos of brass to accept the challenge. Is that a good enough of a pump for you taffy?
Not what I asked but since you brought up the Aussie stock it has jumped 150% in the past week and its value to Magellan is nearly what it was in the original deal so perhaps someone is taking a big interest in Central Petroleum which could mean buying out Magellan's interest--pure speculation of course but that would be worth about 7 million in U.S. dollars.
It would appear that we basically shut down by about mid-November unless we can get a takeover offer for UK properties or dump the Aussie shares in Central Petroleum. Are there any other options out there?
Carson, I see that sk, will and rogerdodger all claim to be real men. I suspect they are either alter ego clones of the increasingly fevered mind of The One who controls all the other puppets as well OR quick hit gamblers out to make a few cents on each trade.