As part of the convertible offering, One Stone names two directors to the board. I am sure that at least one will be subject to great scrutiny and comment by certain posters due to his affiliation with Russian oil enterprises.
Seems as if someone suspects OR knows something about upcoming news. These thinly traded stocks with little float have always been subject to rather large swings.
Darn Pac, I thought it was free and they were only raising the money to pay real shareholders a nice dividend.
CO2 flooding is a fairly common tertiary recovery method in wells that have flow rates that are not very high but in which 20 plus % of the recoverable oil is still available. This process is seen as a way of cutting emissions of CO2 not increasing them in the atmosphere so hopefully there will be some positive environmental impact along with increased flows from the "depleted" Poplar wells.
Preferred stock issue plus cash on hand to fund this project. If Oz and the UK do not pan out the way we hope, this may be a make or break venture for Magellan. Fingers crossed. Will be doing some research on CO2 flooding and hope what I find is encouraging.
Would really like to totally buy into that scenario networth but almost 15 years of holding many of the shares with some buys and sells have me concerned that it always seems to be potential to which management refers. In the meantime we get stripper wells producing 5-10 barrels a day with little actual news of great results from any well. I think I only have about one more year patience in me regarding Magellan and then I must walk away and look for something (perhaps a pipeline MLP) that at least pays a dividend. Buy for now in a fingers crossed optimism for the next year.
But Sonde has to remain the operator and must fork over 10 million as a participating partner. Do they have the expertise to actually function as operators of a venture this large? Sure hope so as this news should help the share price if others feel Sonde can handle it.
Up to 1.07 but I have a feeling it will open at about 1.00-1.02. Never have figured out why any trade would be made premarket at 3-4% above the previous close when the pattern has been that the open will be often even below the previous close.
I suspect Magellan will be giving up any UK leases for which they cannot find a partner to take on the majority of costs. Isle of Wight and Markwell Woods did not turn our well for the company so I would guess they are having second thoughts about a lot of their properties in the UK.
Well, management is going to have to get down to the brass tacks as they have said the extension with Viking was only to June. Any ideas what they might say from investors here?