Good update GD post rec'd....Some more of the reasons to be in MAGP are not to forget the invested CAPEX in 9 wells that are not yet productive at various stages of completion and the investment in 153 producing wells and 27 elected to participate in drilling, giving a grand total of 189 well participations and also the current production.
Oklahoma operators drilling plans and our drilling partners ;
Chesapeake expect to spend $1.9 billion to $2.5 billion on drilling activity this year including 100 wells in Oklahoma.
Devon Energy plan to spend $2 billion to $2.3 billion on drilling activities this year, with much of that concentrated on its top two areas of southeast New Mexico and central Oklahoma.
Continental Resources Inc. last month said it has boosted its drilling budget about 73 percent to $1.9 billion in 2017. In Oklahoma, the company is expected to finish 132 wells and operate an average of 16 drilling rigs, with 11 in the STACK and five in the SCOOP. The company plans to average four completion crews in the state.
Central Oklahoma has emerged as one of the fastest-growing oil fields in the country.
Improving oil prices have fueled the growth, but operators say Oklahoma also has benefited from access to pipelines and other infrastructure .
November marked 5 years on AIM with the last year being the worst in recent history due to the POO wouldn't like to be out of MAGP now the recovery is under way, looking forward to the wind getting back in our sails.
So just recap from Q4 report ! as BOD SEEM ASLEEP AT THE MOMENT!!!! Probably counting the Mbbl of Oil and the MMcf gas that we have in the ground with the bank manager :D!!!
Hope they come up smiling and the RNS in March will be positive.
Updated Reserves Report Total net proved and developed producing reserves (‘PDP’) of 133.31 Mbbl of oil and condensate and 580.67 MMcf gas as at 1 July 2016 (1 Jan 2016: 138.63 Mbbl and 352.38 MMcf) Value of net PDP as at 1 July 2016 increased to US$3,445,180 (1 Jan 2016: US$2,917,390) Further headroom created as borrowing base limit of US$6 million Credit Facility adjusted up to US$1,894,849 from US$1,604,565 to reflect positive effect of slightly higher oil prices on the value of Magnolia’s net PDP reserves Magnolia has made a US$400,000 repayment (as announced on 18 April 2016) and has agreed to make amortised payments over a 5 year period on the outstanding amount which, based on 1 July 2016 reserve estimates, stands at US$840,764 Magnolia continues to pay interest only on the remaining US$1,894,849 balance of the loan on a monthly basis
Outlook New wells due to come into production in Q1 2017 Participation with leading operators in new wells and infill drilling which are commercial at lower oil prices Updated Reserves Report as at 1 January 2017 due in the near-term On-going lease acquisition and management activity in line with strategy to grow and diversify portfolio
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