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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (40081)	12/28/2010 2:07:47 PM
From: E_K_S	Read Replies (2) of 78464

Re: Magellan Petroleum Corporation (MPET) Stock up over 50% from when you first mentioned it in your post 11/16/2010. The only substantial news I can find is that a press release dated 12/23/2010 stated that oil was found in some core samples in the Markwells Wood area in the UK. Magellan has interests in 17 exploration and development licenses in the onshore portion of the Weald and Wessex Basins, in southern England in the United Kingdom Weald-Wessex Basins - Weald-Wessex Basins Focus Area Map: magellanpetroleum.com Live Oil in Markwells Wood-1 Core - Interim Statement 12/23/2010 PR Newswire (UK Disclosure): Northern Petroleum announces that live oil has been encountered in the Markwells Wood-1 well in the primary reservoir target. A core was taken and the well drilled to 4584 feet sub-sea level, and various logging tools are being run to aid the assessment of results. There will be no further comment until log evaluation is complete. ====================================================================== A very interesting area northpet.com The Markwells Wood-1 site was assessed with a mean potential of 35.0 million barrels of oil in place, with an upside potential of 61.4 million barrels with a ten percent probability. The Licence Partners in the Markwells Wood well are: Northern Petroleum (GB) Limited 50% Magellan Petroleum (UK) Limited 40% Egdon Resources U.K. Limited 10% Stock traded as high as $3.00/share on more than 4x it's average daily trading volume. Do you have a fair value target for this company? This find adds at most $0.50/share or about $27 million over the life of the production well. EKS

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