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 |