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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 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 30 July 2014 Magnolia Petroleum Plc (`Magnolia' or `the Company') Operations Update Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gas exploration and production company, is pleased to provide 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. Commencement of production at the following wells: Well Name Targeted Operator Gross IPR Magnolia's Net IPR NRI% Formation Cummings Mississippi Chesapeake 525.52 3.34 17.56 boepd 31-28-12-1H Lime, boepd Oklahoma Voise 1-24 Woodford, Devon Energy 143.38 6.38 9.15 boepd H Oklahoma boepd 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 currently 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." ** ENDS ** Glossary `boe' means barrels of oil equivalent: a unit of energy based on the approximate energy released by burning one barrel (42 US gallons or 158.9873 litres) of crude oil. There are 42 gallons (approximately 159 litres) in one barrel of oil, which will contain approximately 5.8 million British Thermal Units (MBtus) or 1,700 kilowatt hours (kWh). The value is necessarily approximate as various grades of oil have slightly different heating values. BOE is used by oil and gas companies in their financial statements as a way of combining oil and natural gas reserves and production into a single measure. `boepd' means barrels of oil equivalent per day `bopd' means barrels of oil per day, Abbreviation for barrels of oil per day, a common unit of measurement for volume of crude oil. The volume of a barrel is equivalent to 42 US gallons `IPR' means initial production rates `NRI' means net revenue interest `WI' means working interest For further information on Magnolia Petroleum Plc visit www.magnoliapetroleum.com or contact the following: Steven Snead Magnolia Petroleum Plc +01 918 449 8750 Rita Whittington Magnolia Petroleum Plc +01 918 449 8750 Jo Turner / James Caithie Cairn Financial Advisers LLP +44 20 7148 7900 John Howes / Alice Lane / Northland Capital Partners +44 20 7796 8800 Luke Cairns Limited Lottie Brocklehurst St Brides Media and Finance Ltd +44 20 7236 1177 Frank Buhagiar St Brides Media and Finance Ltd +44 20 7236 1177 Notes Magnolia Petroleum Plc is an AIM quoted, US focused, oil and gas exploration and production company. Its portfolio includes interests in 170 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 170 Waiting on first sales / IP rates 19 Being drilled / completed 5 Elected to participate / waiting to 45 spud TOTAL 246
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