This discovery makes that a greater possibility than in the past. If Magellan's main focus is going to be in the U.S. then selling part of their stake in the Weald (if possible) makes sense.
Thanks Charlotte, glad to know I haven't totally gone around the bend with my memory. My memory regarding how I heard about canso is not quite as good though.
I know, as I get older, that I sometimes forget the original names of small explorers I have owned. But, Canso seems familiar although I thought it was bought out by a different company about 10 years ago. Do you remember me being a contributor to that board. I do remember sending some money to help with litigation to get a better price when it was bought out but am not sure it was for Canso.
Sorry, typed too fast. 100 billion barrels possible. Avi is going nuts this morning with hashed over environmental complaints but he does have a point in that fracking has been blocked in much of the UK. So to be on the safe side I think we need to look at this as a conventional drilling prospect as much as possible.
Horse Hill is potentially the largest find in 40 years in the UK. But, fracking may be necessary to get the largest return. Will that process be allowed. Perhaps a billion barrel resource according to reports.
62 cent/share purchase by someone early? Does not seem to make sense but who can tell with issues trading below a dollar. Keep it moving to get above a dollar for a few days and avi will lose a talking point.
I expect Magellan to drop back some now. Excitement in the UK is palpable over the soon to be released NUTECH findings of the last samples from HH1 so fingers crossed. But, as always, no promises being made by me nor any urging of others to buy shares of this or any other company. I have all I want so am rating this a hold for the time being.
Up 30+% for the day. Way over sold to begin with? HH1 News coming? CO2 project successful? Oil prices hit bottom and now based for some recovery? Or, could it be dreamers buying 700,000 shares in hopes that the previous reasons mean something? Whatever the reason, I can live with the gain today.
I agree networth. The only issue will be at what cost per barrel of oil. Hopefully this increased production is coming in at an economy of scale that will reduce that cost. Have you any information about that?
Obviously, avi, you do not seem to understand that what I choose to invest in, whether it be a penny stock or a racehorse, is none of your freaking business. I do not make any promises of success nor do I try to convince others to do as I do. As to a matter of worth, Magellan's holdings have some worth because they contain natural resources that, while not commercially feasible right now, may be at some point in the future. My money to gamble, not yours so I suggest you put me on ignore.
The whole purpose of the CO2 project was to see if increased oil production could be achieved with the pilot program of one injector well and 4 production wells. This was achieved in three of the wells with the fourth expected to begin producing. Thus, as a test of feasibility, it worked. Magellan management believes the result bodes well for production success similar to other CO2 injection programs. But that is all the company said and no promises were made as to whether or not full field work would succeed.
One of Magellan's partners, UKOG, in the Horse Hill venture has more than doubled in share price the last two months with their message board literally screaming that big news about HH1 is just around the corner. The shares are listed on the highly volatile AIM exchange and thus are only for the very brave at heart (or foolish) but we may be hearing some really good news about the source rock found at HH1. Comments range from hundreds of meters of fractured clays and limestone to actual pools of oil. Gads! Those shareholders get excited on the AIM exchange ;-)
In addition they have an extension to the CO2 option which moves the date to the end of May. 3 of the 4 CO2 wells are producing at what would be a sustained rate of between 1500 and 2250 bop per month. The 4th well is expected to contribute soon. Management says the next step is to move to full field work using CO2 in the Charles formation. Did networthgrowing shame them into releasing this data with his post on CO2 production. Probably not but this is the type of news we need. Now the key will be to get cost per barrel down significantly. I believe roncor posted a couple months ago that he was told Poplar could produce profitably at 50 dollars a barrel and I believe a recent post said costs were now reduced and in the 60 dollar range from 70 earlier. More work to do so I hope the company has enough time and financial ability to accomplish their goals.
I kind of wish management would do this on a basis of a couple of time a quarter especially when there is something of relevance. For instance, it is relevant that the CO2 wells were producing hundreds of barrels of oil during February (compared to a small amounts of oil and water earlier mentioned from the first two wells) which I would think management would find important enough to let shareholders know. In addition, I only learned of the Nutech analysis of HH1 through a board poster and by going to the UKOG page. I would have thought that might also be important enough to relay to shareholders because of our stake in that well and region.
Had not realized I had been investing in the predecessor (Orbital Sciences) for over 25 years until I saw the headline today about the first Pegasus launch. Lordy, how time flies.
Need to be more specific. If this is about the ATM, I would not say it secures their future but it sure can dilute the value of shares already owned.
If something very positive does not happen in the next few months, there will not be any need to worry about the next decade with this company.