Revenue soars at Magnolia

Aim-listed oil and gas explorer Magnolia Petroleum yesterday posted its full-year results for 2012, revealing a 194 per cent increase in revenues to $709,395 (£464,689) from $241,038 in 2011. The company also said that it had drilled its first well in Oklahoma and raised $11.1m to acquire reserves in the US. “This was a year of significant capital investment and financial results show modest but rapidly growing revenues indicating it is at the outset of a period of significant growth,” said Northland Capital Partners.