Magnolia Petroleum (LON:MAGP) saw “excellent progress” on the ground in the first six months of 2015, says chief executive Steven Snead.
The company, which is focussing on proving up reserves, onshore USA, through drilling, revealed there had been a 10% increase in production to 309 barrels oil equivalent per day by August 1.
Proved reserves, also stated as at August 1, amounted to 873,000 barrels of oil and condensate and 2.45mln cubic feet of gas. Those reserves were valued (net present value) at US$20.88mln.
Total well count by the end of the group’s first half, June 30, meanwhile, had increased by 26% year on year to 195.
Revenue for the six months Totalled US$1.08mln, down from US$1.75mln in the comparative period of last year and company said this reflects reduced oil prices.
Earnings (EBITDA), not including foreign exchange losses, were reported as a negative US$560,919 versus positive earnings of US$699,397 last year.
Magnolia said it had US$1.85mln at the end of June, and it highlighted a 2% increase in tangible assets to US$11.5mln since the start of 2015.
“Together with our own operations and continued participation in drilling activity alongside leading operators, we expect the momentum behind the business to be maintained going forward despite low oil prices, and I look forward to providing further updates on our progress,” Snead added.