"They get an income from those 22 wells which, virtually at bugger all cost, will spit out over $2,000 nett, PER DAY, id infinitum. Will pay the bills for a very long time."
$2,000 nett per day - really? At what oil price, after what taxes & royalties, production & maintenance costs? The number you quote will not even be the revenue figure before costs, let alone nett contribution.
"It has effectively cost the company nothing, albeit with dilution to existing shareholders which goes with these types of relative start up companies."
It has cost shareholders 40% dilution of their equity to buy this acquisition, has it not? Is that nothing?
"They have ready made targets to drill another 6 wells whenever they can organize it...AS I see it, shareholders now have a completely transparent plan, simple and logical, upon which they can make a reasoned decision."
Completely transparent - really?
1. So has the company explained how they are going to pay for those next 6 wells they are going to drill? When is that going to be?
2. So why hasn't the company published the 30 day IP rate for Magellan #1?
You are very critical of others offering opinions but almost nothing you have said is factually correct, which makes the opinions dressed up as facts.
Cheers, Sharks.
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