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Magnolia Petroleum directors top up shareholdings

Published: 08:29 23 Oct 2013 BST

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Magnolia Petroleum (LON:MAGP) non-executive directors Ronald Harwood and Gavin Burnell have increased their stakes in the company, together buying 1.3mln shares.

Harwood and Burnell bought 500,000 and 800,000 shares, respectively, increasing their holdings to 3.5% (Harwood) and 1.7% (Burnell). Through three separate transactions the shares were bought at prices between 2.68p and 2.71p per share.

The apparently company-endorsing transactions come after Magnolia secured a US$5mln oil reserve linked credit facility and told investors that it will accelerate the roll out of wells onshore America.

On Tuesday, Magnolia said it is investing nearly US$1mln in four new wells.

The company, which said production at end August was running at 214 barrels per day, added it had also secured a US$5mln credit facility that will take it a long way to achieving self-funding. As a result, Magnolia said it would not be using its equity finance facility for the "foreseeable future".

All of the four wells are in Oklahoma with three, in Woodford, operated by Devon Energy and one, in Hunton, by Orca.

Most of the investment is in Parmley 1-1WH in Woodford, where Magnolia will take an 18.75% net interest for a cost of about US$690,000.

Interests in the other wells are much smaller at between 4.7% and 1.25% with the total cost of these three about US$262,000.

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