3 Sep 2014 11:52
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Magnolia Petroleum Information
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Don't have an account? Click here to register.Magnolia Petroleum tanks after plugging Oklahoma well
Tue, 28th Jul 2015 11:20
(ShareCast News) - Shares in Magnolia Petroleum took a dive on Tuesday morning as the oil explorer plugged a well in Oklahoma due to high levels of salt water.The AIM-listed company said the Shimanek #2 vertical well encountered hydrocarbons but decided to plug well due to high costs of disposing of the saturated well.The cost of the abandoned well has therefore been limited to a total of $175,000, leaving the remaining $400,000 in the Shimanek budget for new drilling activity. "Based on the salt water and reserve levels encountered, we believe Shimanek would at best have been a marginal producing well but with high costs associated with the salt water disposal," said chief operating officer Rita Whittington.She pointed to multiple other opportunities to drill more commercial wells on Magnolia's existing leases, with the US$400,000 set aside to complete the well has been reallocated to fund new drilling activity, either on its own or alongside established operators."We will update the market in due course on the wells currently being drilled or planned to be spud. This includes the Magnolia operated Roger Swartz #2 well which we intend to spud before year end, subject to prevailing oil prices."Magnolia said the Shimanek #2 well has no effect on Magnolia's plans to drill conventional prospects identified on other leases within its portfolio.Shares in Magnolia had recovered slightly from initial falls of around 30% and were down 16.8% at 0.62p by 10:40 on Tuesday.
More News
29 Aug 2014 11:36
22 Aug 2014 14:59
Magnolia Petroleum shares rise on production bounce
Shares in Magnolia Petroleum leapt after the US oil & gas explorer said its daily production had risen more than 70% in just three months. Magnolia said an independent production report had shown an increase in its net daily production to 257 barrels of oil equivalent per day (boepd) at 1 July from
Read more30 Jul 2014 10:41
29 May 2014 10:54
Magnolia Petroleum Increases Production, Participates In Six New Wells
LONDON (Alliance News) - Magnolia Petroleum PLC Thursday said it has started production at its Parmley 1-1WH well site and is participating in six new wells in Oklahoma at a cost of USD899,808. The US-focused onshore oil and gas production company, which takes small stakes in multiple wells
Read more29 May 2014 07:25
UK MORNING BRIEFING: Kingfisher Shares Fall 5% Amid Firm Open
LONDON (Alliance News) - UK shares are higher at open Thursday, ahead of some US economic data later in the day.
B&Q and Screwfix owner Kingfisher is leading FTSE 100 fallers, down 5.4%. Despite showing a strong increase in its retail profit for the first quarte
20 May 2014 13:00
Magnolia Petroleum Secures Second Increase In Credit Facility
LONDON (Alliance News) - Magnolia Petroleum PLC Tuesday said the borrowing base limit of its credit facility has been increased for the second time since securing the facility. In a statement, the US onshore focused oil and gas exploration and production company said the borrowing bas
Read more14 May 2014 08:59
Magnolia Petroleum Pretax Loss Narrows On Production Increases
LONDON (Alliance News) - Magnolia Petroleum PLC Wednesday said its pretax loss narrowed in 2013 as its strategy to rapidly increase production led to a 48% increase in the number of wells on its leases and a more-than-tripling its revenues during the period. The US-focused onshore oil and g
Read more6 May 2014 11:22
UK MIDDAY BRIEFING: AstraZeneca Asks For Investor Patience
LONDON (Alliance News) - AstraZeneca Tuesday set out its defence against a GBP63 billion takeover offer from US rival Pfizer Inc, urging its investors to be patient because it is set to grow quickly after it invests in its pipeline and transforms the company over the next few
Read more