Not sure the vertical idea is bad. Would you prefer that Cyanotech on supply raw product and thus run the risk of associated with only one level of the process while distributors and retail held the company hostage? I am not ready to give up yet on this type of organizational set up but I hope new management can right the ship towards profitability soon. I rather suspect we will not have the best news this quarter if he has been fired.
Bailey said he wanted to have more time with his family and had been proud to serve the company and have it grow. In athletic teams this is like the bosses saying "we want to go in another direction" but perhaps this is just Bailey being truthful. Hard to tell because the "want to spend..." is so common anymore along with "to pursue other opportunities."
Not sure the interim president, while good in science, has the acumen to move the company forward but the treading of water over the past year or more had to stop. Doubling of revenues and changing to a branded product is all well and good but profits now have to follow.
So now Magellan has UK leases and perhaps a few more shares in Central Petroleum Australia and, for a while, an off shore lease north or Darwin (if that has not expired). All obligations to West Texas Bank are off the books and management says this has left the company in better shape to pursue value for its shareholders.
95-100 will have me bidding adieu. I have held shares since before their first Pegasus launch and have been very fortunate to have a nice profit. Do not want to be a hog that got slaughtered as the old saying goes because I got too greedy.
Horsehill 1 has recorded a flow of nearly 1700 bpd over an extended test with no indication of pressure evident from the zones tested. Plans for a horizontal extension are now being forwarded for approval and estimates of recovery rates are to be released from Nutech soon.
Seems the market is really overdoing this small restatement of earnings. Unless there is something else wrong, this is really an overreaction from 90 to 77. Fingers crossed for successful Cygnus mission this month.
The flows from the three zones at Horse Hill certainly have exceeded expectations. Would be really interesting to be a fly on the wall listening to any plans Magellan management has regarding the Weald etc. after the news today.
Let's manipulate the stock down 2-3 bucks before earnings so if OA, as expected, beats then the smart investors can push it back up tomorrow to where it was at the start of today.
Posters on the UKOG board were lamenting that investors in MPET obviously knew what was in store and were pushing shares higher. Why wasn't UKOG et al smart enough to see the same thing they lamented.
Remember that we jumped from 25 cents to 1.30 while Horse Hill partner UKOG were lagging in the 1.3 pence area. They have now doubled from that level while we have drifted back to 1.03. I expect news from HH next week on the other two zones if they have been able to cement plug (block oil flow) the Lower Kimmeridge and are able to get to testing the other two.
All sorts of statements about how much the area will or can be worth with horizontal drilling from this one pad or how few visible pads will be needed to fully develop the area with minimal disruption on the surface. Also some chatter about UKOG buying all or some of the stake of weaker partners or said partners looking to do something like secondaries to improve their financial condition. Of course it is all speculation. Anyway, we should be getting news on the second Kimmeridge zone very soon (perhaps in the next day or so) and then the upper zone which is expected to be the free flowing Portland sandstone.
Now we have to get more people willing to "take a punt" on Magellan. And by that, I mean place a buy order in Australian slang.