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Final Results & Notice of AGM
Regulatory News
Final Results & Notice of AGM
Mon, 19th Jun 2017 08:35
Magnolia Petroleum Plc - Final Results & Notice of AGM
PR Newswire
London, June 19
Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas
19 June 2017
Magnolia Petroleum Plc (�Magnolia� or �the Company�)
Final Results and Notice of AGM
Magnolia Petroleum Plc, the AIM quoted US focused oil and gas exploration and production company, announces�its final results for the year ended 31 December 2016.
Overview
Interests in 153 producing wells in proven US onshore formations (2015: 213) following:Commencement of production of 15 new wellsDivestment of producing wells with little or no economic valueElected to participate in eight new wells compared to 38 in 2015 as low oil prices reduced drilling activity across the US onshore sectorStrong pick-up in activity seen post period end with Magnolia electing to participate in 28 new wells due to recovery in sentiment and Company�s focus on prolific low cost plays such as the SCOOP and the STACK inOklahomaLong pipeline of new proposals including six low risk, high impact wells to the Bakken and Three Forks Sanish formations in North Dakota � on the same spacing unit as the Company�s best performing well, the Lazy DE 24-7HUpdated reserves report issued post period end included significant increase in Proven Developed Producing (�PDP�) reserves due to new wells commencing production:112% increase in total net PDP oil and condensate reserves to 282.686 Mbbl as at 1 January 2017 (1 July 2016: 133.31 Mbbl)303% increase in total net PDP gas reserves to 2,343.116 MMCF (1 July 2016: 580.67 MMcf)25% increase in the value (�NPV9�) of total net PDP reserves as at April 2017 to US$4,300,000 (1 July 2016:US$3,445,180)Board and management team strengthened following appointment of highly experienced petroleum engineerLeonard Wallace as a