Wednesday, 16 January 2013

Magnolia Petroleum responds to internet speculation

Magnolia Petroleum (LON:MAGP) this morning moved to cool investor speculation over rumoured production rates from two the recently drilled wells.
The Prucha 1-23MH and Brandt 31-28-12 1H wells were drilled in the fourth quarter of last year and they are currently in the process of coming into production.
The company has told investors that figures posted on internet bulletin boards, that were purported to be test production rates from the two wells, derive from early 24 hour test runs by the operator.
It said that such tests are carried out as standard practice, but it said there is no simple correlation between those figures and the eventual initial production rates of the wells.
“The company will be apprised of initial production rates in due course and will then inform shareholders,” Magnolia said in a statement.

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