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View Fletcher Greer's Comments
Magellan Petroleum Shows Fundamental Weakness
Poplar should pan out in the future as you said, and is the vast majority of Magellan's reserves.
From Magellan's 10-Q:
" We define Adjusted EBITDAX as net income (loss) attributable to Magellan, plus (i) depletion, depreciation, amortization, and accretion expense, (ii) exploration expense, (iii) stock based compensation expense, (iv) foreign transaction loss (gain), (v) impairment expense, (vi) loss (gain) on sale of assets, (vii)
net interest income, (viii) other expense, (ix) income tax benefit, and (x) net income attributable to non-controlling interest in subsidiaries."
Therefore the heavy exploration expenses were taken out of those numbers, which is why I included them.
I actually brought up the positive news from Australia in my previous article at
. Even with the recent Australian developments, I think that there is cause for concern.
One of the more unique features of Magellan is the onshore UK play. I'm looking forward to reading more about it as they continue to evaluate.
Thanks for the comment!
Feb 20, 2013. 01:10 AM
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