Ann: Chairman & CEO AGM Address, page-38

Agree, If you look at mining stocks (C1 to ASIC etc) and how they have to report now, then puts O&G juniors to shame, well, many of them.

Most here won't even realise they lose 25% off the top to the landholder.

With the volatility in both POO and SP, then a 12-14% discount rate must be used imo, especially when looking at the "Assumptions" below NPV.

With net 75% and rocky discount and gas component/ loss or transport, then they won't make a dime for shareholders under $55 WTI imo. and $60 to have a chance.

As Plough pointed out, they have already high graded these 3 wells with seismic, said so themselves, so if Mag was best at 98boepd 24IP, then I am happy to maintain a sell until $60 oil and they really get some capital to back development - and I don't mean a leach like Lanstead or con-notes.