Molopo increases investment budget

Company News

Junior oil and gas explorer Molopo Energy Limited (ASX:MPO) has increased its capital investment budget to $98 million from $36 million.

The expanded capital program reflects the company’s increased confidence in the Wolfcamp play.

CEO and Managing Director Tim Granger says,  its moving quickly to the next phase of development as it strives to become an oil producer.

Last week Molopo announced it acquired its partner’s 22 per cent stake in the Fiesta project in West Texas for $US9 million.

The purchase gave Molopo full interest in the project.

In the first half of the 2012 financial year Molopo Energy booked a net loss of $6.3 million.