Magnolia Pet Share Discussion Threads

[failedqs] 19/3/2017 19:46

Money Monster - this company is totally shagged - barge pole stuff.

[money monster] 19/3/2017 18:57

This share is currently trading at a discount and has quite a bit of news due with 14 wells being drilled/completed.

Good time to be taking a position.

[sleveen] 17/3/2017 10:08

Rehashes of ENS, articles add nothing.

[zico01] 15/3/2017 22:19

Magnolia Petroleum reveals significant rise in oil and gas reserves
Share
07:34 15 Mar 2017
Magnolia's Rita Whittington said: "activity among US onshore operators continues to pick up from 2016’s lows.”
oil well, dollars
Greater reserves mean more borrowing headroom for Magnolia
Magnolia Petroleum PLC (LON:MAGP) has revealed a significant increase in reserves across its US onshore projects as a number of new wells have come online.

The company reports an 112% rise in proved developed producing oil reserves, up to 282,686 barrels, and gas reserves rose more than 300% to 2.3bn cubic feet.

It also gives a valuation of just over US$4mln for the reserves, which the company says gives strong asset backing to current market capitalisation.

The reserves assessment was carried out as part of a six-monthly redetermination of Magnolia’s bank debt, and under the process the company has unlocked further headroom with US$2.21mln up from US$1.89mln.

Rita Whittington, Magnolia chief operating officer, in a statement, said: “At US$4million the value assigned to our PDP reserves alone is almost double our current market capitalisation.

“We are confident the true underlying value of the company is greater still, as this latest report on our leases in Oklahoma and North Dakota did not cover other classes of reserves, most notably in both the proved and probable categories.

“With oil prices seemingly stabilising at the US$50 level and costs across the sector significantly lower than those that were prevalent before the downturn, activity among US onshore operators continues to pick up from 2016’s lows.”

Whittington adds that she expects positive sentiment in the sector to translate into more drilling, and that will support the group’s valuation.

“We are confident that the substantial discount the market is ascribing to our PDP reserves will narrow,” she said.

“In the meantime, the resumption in PDP reserves growth is most welcome and I look forward to providing further updates as we take advantage of the recovery to drill alongside established operators on our leases to prove up our reserves, and in the process generate value for our shareholders.”

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[zico01] 15/3/2017 22:17

load press :

telegraph
Magnolia Petroleum lifts PDP reserves and value

Source: SMW
Magnolia Petroleum has reported a 112% rise in total net proved developed producing (PDP) oil and condensate reserves to 282.686 Mbbl at Jan. 1, with a value of $4.026m, up from $3.445m.

It also reported a 303% rise in total net PDP gas reserves to 2,343.116 MMCF.

"At $4m the value assigned to our PDP reserves alone is almost double our current market capitalisation," said COO Rita Whittington.

"We are confident the true underlying value of the company is greater still, as this latest report on our leases in Oklahoma and North Dakota did not cover other classes of reserves, most notably in both the proved and probable categories," she added.

Whittington noted that with oil prices seemingly stabilising at the $50 a barrel level and costs across the sector significantly lower than those that were prevalent before the downturn, activity among US onshore operators continued to pick up from 2016's lows.

"We are seeing this for ourselves in the increase in the number of well proposals we are receiving to drill wells on our leases," he added.

"As the improved sentiment translates into more drilling, we are confident that the substantial discount the market is ascribing to our PDP reserves will narrow.

"In the meantime, the resumption in PDP reserves growth is most welcome and I look forward to providing further updates as we take advantage of the recovery to drill alongside established operators on our leases to prove up our reserves, and in the process generate value for our shareholders."

[zico01] 15/3/2017 16:56

closed at 0.12p broken down trend also the biggest daily volume ever.

20,000,000 bought at the close @ 0.131p some one is very confident !!!!

[zico01] 15/3/2017 13:44

massive volume today over 220 million so far

[failedqs] 15/3/2017 13:22

yup, another hugely dilutive placing is inevitable

[sleveen] 15/3/2017 12:57

Which will happen first, publication of the prelims with exposure of the balance sheet waste land or a placing?

That would be a placing.

[grannyboy] 15/3/2017 12:26

I won't believe anything until RG Fletchers given us his opinion...He must be busy filling his boots after this mega update, because he's usually the first to comment.

[sleveen] 15/3/2017 12:14

Here's the pump, when's the dump (placing)?

[billyrayvalentine] 15/3/2017 09:48

...interesting, to say the least ;-)

[colin12345678] 15/3/2017 08:40

nice update

[reallyrich] 17/1/2017 10:03

Well that is a questions to ask at an agm as in my opiinion it was a lot of money to write off, especially that woger well that fletcher loves so much

[lord gnome] 17/1/2017 08:22

Interesting find reallyrich. I wonder if any of our so-called regulators know about this. Makes you wonder if the share price was manipulated all the way up to 5p. Do we know who bought all the wells divested by MAGP last year?

[reallyrich] 17/1/2017 08:02

is this the one Fletcher

hxxp://law.justia.com/cases/federal/appellate-courts/F3/34/1570/552005/

[reallyrich] 16/1/2017 07:14

Yep sounds like it

[sleveen] 27/10/2016 07:46

A placing is announced (in addition to the placing in August)

Expect another placing in early 2017.