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19 Apr 2017 07:00
Magnolia Petroleum Plc - Participating in 12 New US Onshore WellsMagnolia Petroleum Plc - Participating in 12 New US Onshore Wells
PR Newswire
London, April 18
Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas
19 April 2017
Magnolia Petroleum Plc (‘Magnolia’ or ‘the Company’)
Participating in 12 New US Onshore Wells
Magnolia Petroleum Plc, the AIM quoted US focused oil and gas exploration and production company, is pleased to announce its participation in 12 new wells in proven and producing US onshore hydrocarbon formations, including the Bakken/Three Forks Sanish in North Dakota, and the Woodford, Mississippi Lime in Oklahoma. The 12 new wells, which have an aggregate net cost of US$270,300, are in line with the Company's strategy to rapidly build production through drilling and to prove up the reserves on its leases.
Participating in 12 new wells with an aggregate net cost of US$270,300.68
| Well Name | Targeted Formation | Operator | Magnolia’s WI/NRI% | Net Cost to Magnolia | Status |
| Bishop North 2/14/11/2H | Woodford, Oklahoma | Bravo | 1.40/1.37 | $58,984.75 | Waiting on spud |
| Pickle 2/9/4/33H | Woodford, Oklahoma | Bravo | 1.3/1.0 | $57,683.98 | Waiting on spud |
| Jana 1-3/10H | Woodford, Oklahoma | Trinity | 0.80/0.60 | $37,402.96 | Waiting on spud |
| TBD 36/25 | Woodford, Oklahoma | Bravo | 0.90/0.65 | $30,305.99 | Waiting on spud |
| Crow Wells - #2 (increased density well) | Woodford, Oklahoma | BP | 0.26/0.20 | $12,000 | Waiting on spud |
| Crow Wells - #3 (increased density well) | Woodford, Oklahoma | BP | 0.26/0.20 | $12,000 | Waiting on spud |
| Crow Wells - #4 (increased density well) | Woodford, Oklahoma | BP | 0.26/0.20 | $12,000 | Waiting on spud |
| Crow Wells - #5 (increased density well) | Woodford, Oklahoma | BP | 0.26/0.20 | $12,000 | Waiting on spud |
| JoAnn 2H-18X (increased density well) | Woodford, Oklahoma | Newfield | 0.30/0.22 | $12,000 | Waiting on spud |
| JoAnn 3H-18X (increased density well) | Woodford, Oklahoma | Newfield | 0.30/0.22 | $12,000 | Waiting on spud |
| TBD 30/19 | Mississippi Woodford, Oklahoma | JT | 0.17/0.13 | $7,000 | Waiting on spud |
| Veeder 4E MBH-ULW | Bakken, North Dakota | Conoco Phillips | 0.12/0.09 | $6,923 | Waiting on spud |
Magnolia CEO, Rita Whittington said, “These 12 new wells demonstrate the significant pickup in activity we are seeing across the proven US onshore formations where we are focused. A number of these are located in the prolific SCOOP and STACK plays in Oklahoma where wells drilled are not only low cost, but the production and recovery rates being achieved are among the best in the region.
“In addition, half of these new wells are increased density wells on leases where production has already been established. They therefore offer a low risk route to increasing production and upgrading reserves to the proven developed producing (`PDP') category. As a result, we anticipate further growth in our PDP reserves which were recently assigned a value of US$4 million, almost double our current market capitalisation.”
The information contained within this announcement constitutes inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014.
* * ENDS * *
For further information on Magnolia Petroleum Plc visit www.magnoliapetroleum.com or contact the following:
| Rita Whittington | Magnolia Petroleum Plc | +01918449 8750 |
| Jo Turner / James Caithie | Cairn Financial Advisers LLP | +44207213 0880 |
| Colin Rowbury | Cornhill Capital Limited | +44207710 9610 |
| Lottie Brocklehurst | St Brides Partners Ltd | +44207236 1177 |
| Frank Buhagiar | St Brides Partners Ltd | +44207236 1177 |
Notes
Magnolia Petroleum Plc is an AIM quoted, US focused, oil and gas exploration and production company. Its portfolio includes interests in 156 producing and non-producing assets, primarily located in the highly productive Bakken/Three Forks Sanish hydrocarbon formations in North Dakota as well as the oil rich Mississippi Lime and the substantial and proven Woodford and Hunton formations in Oklahoma.
Summary of Wells
| Category | Number of wells |
| Producing | 156 |
| Being drilled / completed | 13 |
| Elected to participate / waiting to spud | 43 |
| TOTAL | 212 |
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