LONDON (Alliance News) - Magnolia Petroleum PLC Thursday said it is in excellent shape to continue drilling as it reported an increase in production at its Cummings 2H well in the US state of Oklahoma.
Magnolia said its Cummings 2H well had an initial production of 333 barrels of oil equivalent per day. On September 3, Magnolia announced the start of production at Cummings 2H, which began with just 47 barrels of oil equivalent per day.
This "demonstrates the potential of the Mississippi Lime formation, and the relatively low risk attached to drilling offset wells in already producing sections," said Chief Operating Officer Rita Whittington.
"Magnolia is in excellent shape to continue participating in drilling activity alongside leading operators, and in the process prove up the reserves on our leases," said Whittington.
Magnolia's shares were down 2.6% to 1.37 pence per share Thursday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
