Magnolia Petroleum, the AIM-quoted US onshore oil and gas exploration and production company, has decided to relinquish its interest in the Prucha 1-23 MH well on the basis that the funds allocated for Prucha may be better utilised elsewhere in its portfolio.

The company does not anticipate there being any loss to Magnolia because no funds have been transferred to the operator to date.

The group is currently interested in 88 producing wells in proven onshore US formations such as the Bakken, North Dakota, with a further 16 currently drilling/completing and 16 waiting to be drilled.

"Magnolia continues to receive multiple proposals to participate in new wells across its acreage and, as a result expects to see continued growth in its portfolio in due course," the firm said in a statement.

The share price fell 5.97% to 3.15p Thursday.

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