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Interim Results
Magnolia Petroleum Plc, the AIM quoted US focused oil and gas exploration and production company, announces its interim results for the six month period ended 30 June 2014.
Highlights:
* 93% increase in H1 2014 revenues to US$1,755,459 (H1 2013: US$910,721)
* Half year EBITDA of US$699,397 compared to US$237,552 (after removing gain
on foreign exchange) during six months to 30 June 2013
* 155 producing wells in proven US onshore formations such as the Bakken/
Three Forks Sanish, North Dakota, and the Mississippi Lime, Woodford/
Hunton, Oklahoma, 32% year on year increase (H1 2013: 117)
* Reported initial production rates (`IPRs’) for 15 wells
* Elected to participate in 39 new wells – 74 wells currently at various
stages of development
* Daily production of 257 boepd as at 1 July 2014 compared to 150 boepd as at
1 April 2014 due to number of wells commencing production in which Magnolia
has larger interests – Parmley 1-1WH (12.187%)
* US$9.143 million value of proven developed producing reserves (`PDP’)
compared to US$8.416 million as at 1 April 2014
* Total net proved reserves (`1P’) of 719 Mbbl of oil and condensate and
2,093 MMcf gas with NPV10 of US$31.832 million as at 1 July 2014
* Strong pipeline of opportunities across all formations both as participant
and operator – over 600 potential drilling locations on existing acreage
Magnolia CEO, Steven Snead said, “As this latest set of half year numbers show, Magnolia’s well count, production, and revenues continue to grow at double-digit rates. With proven reserves valued at US$32 million providing asset backing, production of 257 boepd as at 1 July 2014 generating revenues of US$1,755,459 over the course of the last half year, and a new and improved US$6 million credit facility secured, we have a strong platform with which to prove up the reserves on our 13,500 net minerals acres.
“We already have a pipeline of 74 wells under development and continue to receive multiple proposals to participate in new drilling activity on our leases in proven US onshore formations, and as a result we expect to report further excellent growth going forward.”
