Energy

Madalena Energy has released its capital budget for 2019 of US$38 million.

Madalena Energy (TSXV:MVN,OTCQX:MDLNF) has released its capital budget for 2019 of US$38 million, together with average 2019 production guidance of 2,600-3,000 BOE/d, representing growth in average annual production of 45-68 percent from the 2018 average of 1,790 BOE/d.

As quoted from the press release:

The company is targeting to exit 2019 with a production rate of 2,700-3,500 BOE/d, which implies production increasing by 56 percent or more from the previously reported Q4/18 average of 1,730 BOE/d. Madalena’s Board of Directors approved the capital budget on February 25, 2019.

Madalena’s president and CEO Jose Penafiel commented: “We are pleased to report our current operational plans for 2019, following completion of required technical and operating committee meetings with our partners in our various concessions. After time spent restructuring and cautious delineation of our resource potential, we expect Madalena’s 2019 operating plans to yield substantial organic production growth. At the same time, we aim to continue moving forward with further delineation of our large unconventional resources in Argentina, as well as evaluating options for growth through acquisitions opportunistically.”

Click here to read the full announcement

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