Looks like SP could take a beating the next few days even though results were better than what I thought they'd be... My guess is that the divvy is safe especially if MMT still got paid during the FM. Sorry JoeLou, but there is no chance of a special divvy in 2013 given their recent pipeline problems and due to the fact that they are building a pipeline, picking up a rig and looking to drill a few more wells before year end. IMO If all goes according to plan between now and mid-late 2014 then MAYBE we will see a special dividend again but not before.
IMO the #1 major short-term concern for MMT and its shareholders is bunkering. MMT cannot afford to have too many more days without oil deliveries. If they can't pay their dividend then the SP will tank. That being said, given the time the AGIP line was down, they must have made extensive repairs. There have also been a lot of positive news releases related to the bunkering problem in Nigeria and it seems to me that the worst is behind us...That is my bet anyways...
IMO All the bad news is already out and there is a ton of upside from here... Handling agreement with Shell, pipeline, potential for 45,000 BOE/d deliveries by EOY, UMU11, horizontals, increased reserves, credit facility, the govenment making more land available... The list goes on and on.
Bad things happen in Nigeria and MMT is not for the faint of heart. Buy a GIC if you don't like the ride. GLTA