Magnolia Petroleum Plc Participating in 12 New US Onshore Wells

 
TIDMMAGP 
 
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       Operator    Magnolia's  Net Cost to Status 
              Formation                  WI/NRI%     Magnolia 
 
Bishop North  Woodford,      Bravo       1.40/1.37   $58,984.75  Waiting 
2/14/11/2H    Oklahoma                                           on spud 
 
Pickle 2/9/4/ Woodford,      Bravo       1.3/1.0     $57,683.98  Waiting 
33H           Oklahoma                                           on spud 
 
Jana 1-3/10H  Woodford,      Trinity     0.80/0.60   $37,402.96  Waiting 
              Oklahoma                                           on spud 
 
TBD 36/25     Woodford,      Bravo       0.90/0.65   $30,305.99  Waiting 
              Oklahoma                                           on spud 
 
Crow Wells -  Woodford,      BP          0.26/0.20   $12,000     Waiting 
#2 (increased Oklahoma                                           on spud 
density well) 
 
Crow Wells -  Woodford,      BP          0.26/0.20   $12,000     Waiting 
#3 (increased Oklahoma                                           on spud 
density well) 
 
Crow Wells -  Woodford,      BP          0.26/0.20   $12,000     Waiting 
#4 (increased Oklahoma                                           on spud 
density well) 
 
Crow Wells -  Woodford,      BP          0.26/0.20   $12,000     Waiting 
#5 (increased Oklahoma                                           on spud 
density well) 
 
JoAnn 2H-18X  Woodford,      Newfield    0.30/0.22   $12,000     Waiting 
(increased    Oklahoma                                           on spud 
density well) 
 
JoAnn 3H-18X  Woodford,      Newfield    0.30/0.22   $12,000     Waiting 
(increased    Oklahoma                                           on spud 
density well) 
 
TBD 30/19     Mississippi    JT          0.17/0.13   $7,000      Waiting 
              Woodford,                                          on spud 
              Oklahoma 
 
Veeder 4E     Bakken, North  Conoco      0.12/0.09   $6,923      Waiting 
MBH-ULW       Dakota         Phillips                            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     [phone] 
                           LLP 
 
Colin Rowbury              Cornhill Capital Limited     [phone] 
 
Lottie Brocklehurst        St Brides Partners Ltd       [phone] 
 
Frank Buhagiar             St Brides Partners           [phone] 
                           Ltd 
 
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                                  43 
spud 
 
TOTAL                                                               212 
 
 
 
END 
 

(END) Dow Jones Newswires

April 19, 2017 02:00 ET (06:00 GMT)