MVN reserves report; BIG increase - 33% Growth in Proved PluAs detailed in today's release,
Madalena Energy (
MVN; MDLNF), today, released its 2018 year-end reserves report. Link can be found here
https://www.madalenaenergy.com/pdf/2019/NEWS%20RELEASE%202018%20Year-End%20Reserves%20and%20Operational%20Update%2028%20Feb.pdf In short,
reserves are up
30%+ ACROSS THE BOARD
- gross and net
- in every single block
- conventional and shale
- oil and gas
- 1P, 2P and 3P
In some cases, the increase is greater than
45%.
Also,
operationally, the company has completed a workover in its Northern block (Surubi) in Feb, and is in the process of performing other workovers in the North (Palmar Largo), in order to increase existing production.
Finally, with respect to Curamhuele, the next-expected blockbuster shale asset (after Coiron Amargo Sur Este, in which drilling is expected to begin imminently), the company is continuing to engage in discussions with potential strategic partners, and, regardless of finding a JV partner, will be drilling a test-well late in 2019.
LOTS OF GOOD THINGS ARE CATALYZING