Source - SMW
Magnolia Petroleum has posted its H1 results, the highlights of which are:

- H1 2016 revenues of US$633,585 (H1 2015: US$1,083,998)

- Half year EBITDA (after removing gain on foreign exchange) of US$59,416 compared to US$(560,919) during six months to 30 June 2015 (after removing loss on foreign exchange)

- Tangible assets of US$7,217,415 during six months to 30 June 2016

- Borrowing base limit of US$6 million Credit Facility adjusted up to US$1,894,849 from US$1,604,565 to reflect positive effect of slightly higher oil prices on the value of Magnolia's net PDP reserves; US$400,000 repayment and agreement to make amortised payments over a 5 year period on the outstanding amount which, based on 1 July 2016 reserve estimates, stands at US$840,764

- £250,000 raised via a placing to fund drilling commitments

- Appointment of Leonard Wallace, a highly experienced oil and gas engineer, as a non-executive director

At 9:36am: (LON:MAGP) Magnolia Petroleum share price was +0.01p at 0.11p