Jeez Rich the POO is, well poo but the weather is good lol where on this planet are you ?, it is raining cats and dogs here.....I blame Smidsy he brought it up from down south lol ...and Maggs is diversifying into more gas to sell to the locals hope that works out well. yeah there is still the whisky hic.. hic....hic
But it doesn't do to upset one's better half lol or you could find your assets painfully cut off !!!
Who knows what will be in any forthcoming report from Maggie?? But until we see a recovery in the POO, I can't honestly see much headway being made and I noted earlier on today that POO had once again fallen below $30 a barrel.
The lease holding( HBP ) well at the Sympson 10 well project is the Sympson 1-6H which tested on 16 August 2013 location 34.681992 -97.666911 Garvin Ok section 31 3N 4W. these will add to the existing 103 producing wells on magnolias leases, most of the new wells have now spud with completions due in March.
Magnolia Petroleum says it's balancing its energy product and diversifying revenues with the participation in ten new gas wells in Oklahoma.
They will be drilled alongside operator Continental and target the proven Woodford formation at a total cost to Magnolia of an estimated US$590,000, with its net interest in each well 0.525%.
The 10 wells form part of Magnolia’s strategy to more evenly balance its oil/gas product mix which currently stands at 56%/44%, it said.
The oiler noted that gas markets have local supply and demand dynamics which tend to be independent of global oil prices, which are under pressure.
Rita Whittington, its chief operating officer, said: "With production already established on the leases, these new increased density wells represent low risk opportunities to rapidly increase production, maximise recovery rates on individual spacing units, and upgrade reserves to the proven developed producing category."
She highlighted that the company had built a portfolio of 203 producing wells, split 56% oil and 44% gas, in which its average interest is approximately 3%.
"Increasing our gas production ought to be viewed with risk management in mind. Due to gas markets being more local than oil, this move will further diversify our revenues."
She added the firm remained highly confident that its producing well count will continue to grow strongly over both the short and long term.
"In line with our strategy, revenues generated from production are reinvested into new wells to prove up the reserves on our leases.
"These were recently estimated at 873 Mbbl of oil and 2,454 MMcf of natural gas and valued at US$20.88 million, providing Magnolia with considerable asset backing, particularly when compared with our current market capitalisation.”
I was testing to see if you were awake. I know it was your dog that went missing. lol Mrs. smidsy kept telling me that drinking Malt in the amounts that went down my neck would not be good for me. It looks like she was right.
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