Whatever maintenance costs and lease expenses that still accrued to Magellan were a cost they could not afford given the, at best, odds that development would be too far down the road. The same applies to HH1 and the rest of the Weald IMO. I cannot help but think that Magellan would like to find a buyer for the UK interests.
I sure do not see that and am getting ready to pull the trigger on some more shares but I know this is going to take a lot of patience and I expect the dividend to be cancelled before we see a recovery in price.
You have cajones of brass and believe the expected to soon be announced flow test of HH1 will enhance the value of Magellan in a way that will move it towards Zack's analysis of nearly 11 dollars a share. If you think the flow test will not produce any or only a small amount of free flowing oil and will not encourage someone to want Magellan's acreage in the UK then stay away from this one.
miami, I would find it hard to believe if auditors did not give such a warning. Absent any sustained rise in oil prices or some positive news on other fronts, Magellan will have trouble lasting another year as far as I can discern.