Magnolia Petroleum says that drilling operations at the Magnolia operated and 94% owned Shimanek #2 vertical well in Oklahoma are expected to commence by the end of July 2015. Additionally, the Company announces its quarterly update on its operations across proven and producing US onshore hydrocarbon formations in North Dakota and Oklahoma.
Q2 Highlights to 30 June 2015
•11 new wells commenced production bringing the total number of producing wells to 195 as at end of Q2 2015 - a further 31 at various stages of development
•Elected to participate in 16 new wells in proven formations including the Bakken and Three Forks Sanish, North Dakota and the Mississippi Lime and Woodford formations in Oklahoma
•Announced record 2014 Full Year performance: 58% increase in FY revenues to US$3.85 million with an additional US$1.3 million income from one-off consulting services and the sale of non-core assets leading to adjusted EBITDA of US$2.60 million, a 212% increase on the previous year
•Appointment of Thomas Wagenhofer to the Board as a Non-executive Director - a highly respected petroleum engineer and oil and gas investment specialist with over 20 years' experience in the global E&P sector
•Raised £1 million during the period via a placing to fund new wells