LONDON (Alliance News) - Magnolia Petroleum PLC Wednesday said the 10-well drilling programme being carried out by its partner Continental Resources in Oklahoma has started.
The drillng programme is targeting the Woodford formation, which has already produced around 3.20 billion barrels of conventional oil from around 60 reservoirs. Magnolia has a 0.525% stake in each well of the programme.
The first well, Sympson 10-6H, is being drilled and is the first of five wells that will be drilled in November. One further well will be drilled in January, another three in February and the last well will be drilled in March.
"With the 10 Continental operated wells due to be drilled by March 2016 and a further 10 non-Continental operated wells at various stages of drilling and completion, we continue to make
excellent progress in rolling out our strategy to prove up the reserves on our leases through drilling," said Chief Operating Officer Rita Whittington.
Magnolia shares were up 8.9% to 0.490 pence per share on Wednesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.