News could not have come at a better time. Glad I did not sell my shares. Perhaps you have a connection with clamdigger and can let him know in case he has not seen this.
He may want to reform the 3 amigos :-)
Better yet, what does Montana have in common with NY? Attitudes towards drilling are far different. I think avi might (or will) be in shock especially if a flow test in the UK is good and even more so if production from the CO2 project pays off. I honestly do not see these kinds of oil prices lasting more than 6 months but am willing to admit they could go somewhat lower in the near term.
No firm evidence of success yet but a chance that both projects will yield benefits. If both fail to produce as hoped then Magellan will have a problem financially. Only those with pretty strong constitutions should nibble at these smaller oil and gas explorers especially in the current market.
He is not The One. He is not xxxfinance or wrongtom or any of the other handles by which he posts. HE IS (drum roll please) THE FREAKING GRINCH!
Thanks carson. Am holding all my shares but this certainly seems like good news especially if the goal of Magellan is to monetize their share of the permits in the future. Back to a speculative buy from a hold.
Message board still here and boy did you hit the nail on the head with your comments. News this morning may give some small ray of hope but I suspect any money they receive, if the deal is approved by Joint Oil, will only go to salaried of management. 15 million lost on the Nov non drill and another on the Dec. non drill. Only a new entity could do the Dec. 2015 drilling so we shall see. At the best, Sonde gets 8 million for its interest in North Africa.
25 dollar import tariff on every barrel from OPEC and they would soon change their minds. Yeah, yeah, I know--will never happen.
I do not have much of a problem with the base salaries being what they are at this time. The problem I do have is with any firm's compensation committees being so lenient that bonuses and options are earned even when actual accomplishments are minimal. If the option strike prices are solidly above market price and require solid achievement and stock price growth targets being met (not just touched for a day or two) then I can see the validity in issuing them. Same goes for bonuses being based on reasonable targets that benefit shareholders as well as management.
List each man, starting with Wilson, as about 400,000, LaFargue as 300,000 and then third person as 225000. What am I missing here because I thought the annual compensations were more than double those numbers? I know they have chunks of options which are exercisable at various prices but have those options replaced some guaranteed salary for the top 3 guys?
When everyone is running around in a panic like chickens with their heads cut off, buy value. Am not saying Magellan is, by any means, a value play at this time but there are majors in the energy field selling at 52 or longer week lows and paying solid, easily covered dividends which deserve the attention of investors with more than a one year horizon.