Advertisement

Magnolia Petroleum reassures after internet speculation

Magnolia Petroleum has said that reports made on internet bulletin boards relating to the Prucha 1-23MH and Brandt 31-28-12 1H wells in the US derive from early 24-hour test runs by the operator rather than initial production rates.

Magnolia Petroleum has said that reports made on internet bulletin boards relating to the Prucha 1-23MH and Brandt 31-28-12 1H wells in the US derive from early 24-hour test runs by the operator rather than initial production rates.

The AIM-listed oil and gas exploration and production company cautioned investors that there is no simple correlation between the results of a 24-hour test run and the eventual initial production rates and that the former can be "misleading".

Advertisement - Article continues below

It said such test runs are undertaken as part of the standard practice and provide a guide to the operator as to the appropriate actions required to bring the well into full production.

It added that it will inform shareholders of the results once it has been apprised of initial production rates.

The share price rose 1.39% to 3.65p by 10:05.

NR

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/investments/property/601606/house-prices-crash-uk-property-prices-falling-where-next
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020
Visit/investments/stockmarkets/601611/nasdaq-all-time-high-markets-and-the-real-economy
Stockmarkets

How can markets hit new record highs when the economy is in such a mess?

Despite the world being in the midst of a global pandemic, America's Nasdaq stock index just hit an all-time high. And it's not the only index on a bu…
3 Jul 2020
Visit/economy/inflation/601584/the-end-of-the-bond-bull-market-and-the-return-of-inflation
Inflation

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020