you'r never Billy no mates on this Board mate. But if you find the loneliness a bit overbearing give me a shout I'm never far away. The AGM is due next month and maybe we will get a couple of RNS's giving us an update on where we are. It's not like Rita to keep us in the dark, although they are probably saving on the costs of the RNS reports.
I'm sure Mr. Wagenhofer will help if help is needed.
Magnolia Petroleum Plc, the AIM-quoted, US onshore-focused oil and gas exploration and production company, is pleased to announce the appointment of Mr. Thomas Wagenhofer to the Board as a Non-executive Director with immediate effect. Mr. Wagenhofer is a highly respected petroleum engineer and oil and gas investment specialist with over 20 years’ experience in the global E&P sector.
Mr. Wagenhofer is a founder and Technical Lead of Giant Capital (‘Giant’), a leading provider of growth capital to high-quality, undervalued oil and gas companies. Giant funds the acquisition, appraisal, and development of hydrocarbon reserves. Thomas is a member of Giant’s investment committee and also acts as Technical Advisor on E&P investments to many investor clients. At Giant, he is responsible for conducting technical and commercial due diligence on potential investment opportunities and also works closely with the management of investee companies to assist with capital deployment.
Following on from our posts Wednesday and re-reading the statement below from the RNS I wouldn't have thought S.S. and co would be carrying on with confidence if they thought they had an issue with the Bank.
Magnolia CEO, Steven Snead said, “Even with oil trading at sub US$50 per barrel, Magnolia Petroleum remains a cashflow generative, low cost, oil and gas producer focused on proven US onshore formations. Thanks to the action we have taken over the course of the year, specifically a 31% and 25% reduction in operating costs and net debt respectively, the Company’s significantly lower outgoings allow a higher proportion of our production based revenues to be reinvested into further drilling activity. We are therefore confident that despite the current downturn, the year ahead will continue to see Magnolia participate with leading operators such as Continental Resources in drilling new wells where it makes commercial sense to do so.
U.S. Gas Futures Slip Amid Speculation Production Will Rebound
Ryan CollinsJun 29, 2016 11:27 pm ET
U.S. natural gas futures slid from a 10-month high on speculation that production will rebound amid higher prices.
Gas production is estimated to have increased 1.8 percent in the contiguous U.S. this year and has climbed over the past two weeks, according to PointLogic Energy data. Natural gas rigs climbed by four to 90 last week, the most since March, Baker Hughes Inc. data show.
“Some of the drillers who have been off on the sideline might start coming back and start ratcheting up output to try to take advantage of the increase in price," said Gene McGillian, senior analyst and broker at Tradition Energy in Stamford, Conn. “I think it’s a little premature to say whether or not the market has topped out, however.”
Gas has gained about 80 percent after reaching a 17-year low in March as summer heat boosted demand for the power plant-fuel, eroding a stockpile glut. An explosion at a gas plant in southern Mississippi that closed two offshore platforms, combined with recent flooding in West Virginia, may have also helped narrow the surplus.
Natural gas for August delivery fell 2.7 cents, or 0.9 percent, to settle at $2.863 per million British thermal units on the New York Mercantile Exchange. Prices closed Tuesday at $2.917 Tuesday and on Wednesday touched $2.974, the highest intraday level since May 21, 2015, after forecasts showed temperatures well above normal from July 9 through July 13 across most of the contiguous U.S.
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