A hint of things to come:
http://www.iii.co.uk/articles/123341/magnolia-spikes-it-nears-self-funding
MCAP - $42M (Current)
Production - 214 BOEPD (1st Aug)
NPV 1P reserves - $40.7M (1st Aug)
Credit Facility - $5M with $1.6M borrowing base
Interest Rate - 4.25%
Style:
"(MAGP) shot up 8% in morning trading on Tuesday after a dual announcement containing funding information and an operations update.
The AIM-listed oil and gas company revealed it had secured a $5 million (£3.1 million) three-year credit facility, which it said combined with its fast-growing revenues from production would provide funding for future drilling activity and brought it close to self-funding.
It plans to undertaken future drilling alongside established operators and said the funding would also be used for the acquisition of additional leases in proven US onshore formations. "
A hint of things to...
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