LONDON (Alliance News) - Magnolia Petroleum PLC on Friday said its Shimanek 2 vertical well in Oklahoma has now commenced drilling operations.
The well, which is 94%-owned and operated by Magnolia, will be drilled to a 5,300 feet depth and is targeting multiple conventional payzones, the company said.
"With an estimated USD8 per barrel operating cost, the economics of drilling the Shimanek 2 well remain highly attractive," said Chief Operating Officer Rita Whittington.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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