LONDON (Alliance News) - Magnolia Petroleum PLC Thursday said drilling operations on the Shimanek 2 vertical well in Oklahoma are expected to commence "imminently".
The drill rig has been mobilised and the crew are on site ready to drill the well, in which Magnolia holds a 94% interest. The well is targeting multiple conventional payzones, including the Mississippi
Lime and/or Chat, Redfork Sand and the Lower Skinner.
Magnolia currently has a total of 195 producing wells on its US acreage, with a further eight wells currently being completed or being drilled with another 23 wells planned.
Magnolia shares were up 2.8% to 0.694 pence per share on Thursday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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