Joe
LOL...check that, millions rather than billions..reached too far to the left when I was typing. Yikes, take a couple of days off and all my typing skill went to hell. <GGGG>
From the press release.
To capitalize on this strategy, Magellan will be participating in three firm wells, plus one contingent well, scheduled for the third quarter of 2003, in its Cooper Basin acreage.
In PEL 95, Magellan will have a 50% interest in Seacliff-1 (firm) and Chiton-1 (contingent). Seacliff-1 has mean potential recoverable reserves of approximately 1.4 million barrels. Chiton-1 has mean potential recoverable reserves of approximately 4.1 million barrels.
In adjacent PEL 94, Magellan will have a 50% interest in Waitpinga-1, with mean potential recoverable reserves of approximately 7.5 million barrels.
In PEL 110, Magellan will have a 37.5% interest in the Semaphore-1 well, which will target oil on the northwestern flank of the Patchawarra Trough. Located approximately 20 kilometers north of the Keleary oil field, the prospect has mean potential recoverable reserves of approximately 1.5 million barrels.
Sorry. I still like the prospects though, with .70ish in cash the stock looks undervalued. Resistance is nearer to 2 bucks per share.
Ken |
