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MAGP Magnolia Pet

0.30
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Magnolia Pet LSE:MAGP London Ordinary Share GB00B63QSF76 ORD SHS 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.30 0.20 0.40 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Magnolia Petroleum Plc - Participating in 12 New US Onshore Wells

19/04/2017 7:00am

PR Newswire (US)


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Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas

19 April 2017

Magnolia Petroleum Plc (‘Magnolia’ or ‘the Company’)

Participating in 12 New US Onshore Wells

Magnolia Petroleum Plc, the AIM quoted US focused oil and gas exploration and production company, is pleased to announce its participation in 12 new wells in proven and producing US onshore hydrocarbon formations, including the Bakken/Three Forks Sanish in North Dakota, and the Woodford, Mississippi Lime in Oklahoma.  The 12 new wells, which have an aggregate net cost of US$270,300, are in line with the Company's strategy to rapidly build production through drilling and to prove up the reserves on its leases.    

Participating in 12 new wells with an aggregate net cost of US$270,300.68

Well Name Targeted Formation Operator Magnolia’s WI/NRI% Net Cost to Magnolia Status
Bishop North 2/14/11/2H Woodford, Oklahoma Bravo 1.40/1.37 $58,984.75 Waiting on spud
Pickle 2/9/4/33H Woodford, Oklahoma Bravo 1.3/1.0 $57,683.98 Waiting on spud
Jana 1-3/10H Woodford, Oklahoma Trinity 0.80/0.60 $37,402.96 Waiting on spud
TBD 36/25 Woodford, Oklahoma Bravo 0.90/0.65 $30,305.99 Waiting on spud
Crow Wells - #2 (increased density well) Woodford, Oklahoma BP 0.26/0.20 $12,000 Waiting on spud
Crow Wells - #3 (increased density well) Woodford, Oklahoma BP 0.26/0.20 $12,000 Waiting on spud
Crow Wells - #4 (increased density well) Woodford, Oklahoma BP 0.26/0.20 $12,000 Waiting on spud
Crow Wells - #5 (increased density well) Woodford, Oklahoma BP 0.26/0.20 $12,000 Waiting on spud
JoAnn 2H-18X (increased density well) Woodford, Oklahoma Newfield 0.30/0.22 $12,000 Waiting on spud
JoAnn 3H-18X (increased density well) Woodford, Oklahoma Newfield 0.30/0.22 $12,000 Waiting on spud
TBD 30/19 Mississippi Woodford, Oklahoma JT 0.17/0.13 $7,000 Waiting on spud
Veeder 4E MBH-ULW Bakken, North Dakota Conoco Phillips 0.12/0.09 $6,923 Waiting on spud

Magnolia CEO, Rita Whittington said, “These 12 new wells demonstrate the significant pickup in activity we are seeing across the proven US onshore formations where we are focused.  A number of these are located in the prolific SCOOP and STACK plays in Oklahoma where wells drilled are not only low cost, but the production and recovery rates being achieved are among the best in the region. 

“In addition, half of these new wells are increased density wells on leases where production has already been established.  They therefore offer a low risk route to increasing production and upgrading reserves to the proven developed producing (`PDP') category.  As a result, we anticipate further growth in our PDP reserves which were recently assigned a value of US$4 million, almost double our current market capitalisation.”

The information contained within this announcement constitutes inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014.

* * ENDS * *

For further information on Magnolia Petroleum Plc visit www.magnoliapetroleum.com or contact the following:

Rita Whittington Magnolia Petroleum Plc +01918449 8750 
Jo Turner / James Caithie Cairn Financial Advisers LLP      +44207213 0880
Colin Rowbury Cornhill Capital Limited +44207710 9610
Lottie Brocklehurst St Brides Partners Ltd +44207236 1177
Frank Buhagiar St Brides Partners Ltd            +44207236 1177 

Notes

Magnolia Petroleum Plc is an AIM quoted, US focused, oil and gas exploration and production company.  Its portfolio includes interests in 156 producing and non-producing assets, primarily located in the highly productive Bakken/Three Forks Sanish hydrocarbon formations in North Dakota as well as the oil rich Mississippi Lime and the substantial and proven Woodford and Hunton formations in Oklahoma.

Summary of Wells

Category Number of wells
Producing 156
Being drilled / completed 13
Elected to participate / waiting to spud 43
TOTAL 212

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