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Operations Update
Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gas exploration and production company, is provided an operations update across its portfolio of interests in proven US onshore formations including the Bakken, North Dakota and Woodford and Mississippi Lime, Oklahoma. This update is in line with the Company’s strategy to rapidly build production through drilling and prove up the reserves on its leases.
The company only provides details and updates for wells in which it has a working interest of 1.5% or more. The Summary of Wells table at the end of each release includes all wells in which Magnolia has an interest and is updated as and when a change in status occurs for all wells.
Rita Whittington, COO of Magnolia, said, “These impressive initial production rates from two wells targeting both the Woodford and the overlying Mississippi Lime add a total of 26.71 boepd to our daily production and brings our total producing wells to 170. Even allowing for expected decline rates, this represents a significant increase in our net production which stood at 150 boepd as at 1 April 2014.
“We are delighted by the rates coming from the Chesapeake operated Cummings horizontal well targeting the Mississippi Lime, where a gross 525 boepd are being produced. These figures demonstrate that there is still significant potential within the formation from both horizontal and vertical wells targeting the “wedges”. With a high level of drilling proposals continuing to come in I look forward to providing further updates on our progress in due course as we look to further build on our production through drilling and prove up the reserves on our leases.”
