Financial Review22 Sep 2017 08:18
Financial Review
H1 2017 revenues of US$510,290 (H1 2016: US$633,585)
Half year EBITDA of US($77,558) compared to US$135,556 after removing foreign exchange and impairments during six months to 30 June 2016
Tangible assets (comprising producing properties) of US$3,856,948 (H1 2016: US$7,217,415)
Issue of 763,730,000 new ordinary shares in the Company, representing 29% of the enlarged issued share capital to WED as part of above exclusive capital management agreement
US$208,950 repayment of credit facility – balance of credit facility as of 30 June 2017 US$2,561,766, current balance of credit facility is US$2,315,789
Magnolia CEO, Rita Whittington said, “Our portfolio of 159 producing wells, low cost / low risk strategy to acquire and develop leases alongside established operators, and management team with a track record of value generation in the US onshore sector provide us with a strong platform to capitalise on the pick-up in sentiment and activity we are seeing. WED recognises this and, along with the successful pilot programme, lay behind their decision to select Magnolia as their exclusive partner to manage US$18.5million on their behalf under the US Immigrant Investor programme. We look forward to receiving the initial funds under this agreement.”