Magnolia Petroleum says drilling has started at Shimanek 2 well

(ShareCast News) - Oil and gas exploration and production company Magnolia Petroleum has begun drilling operations at the Shimanek 2 vertical well in Oklahoma.The well, which is 94% owned and operated by Magnolia, will be drilled to a total depth of 5,300 feet targeting multiple conventional payzones.Magnolia's chief operating officer, Rita Whittington, said: "With an estimated $8 per barrel operating cost, the economics of drilling the Shimanek 2 well remain highly attractive. Thanks to having a 94% interest, this Magnolia operated well has the potential to materially increase our proven reserves."At 10:22, shares were up 1.6% at 0.6858p.