4th Mar 2014 12:34
LONDON (Alliance News) - Magnolia Petroleum PLC Tuesday said it is participating in further two wells in Oklahoma, bringing its total number of wells to 205, with 142 producing.
The US-focused onshore oil and gas production company, which takes small stakes in multiple wells in highly prospective shale plays, said it has taken a 3.777% working interest in the Jimmy 1-28H well at a net cost of USD139,662 and it has taken a 5.208% working interest in the Peters 1-27H well at a net cost of USD124,046.
The company also said it has now increased its working interest in the Skunk Creek 14H and 15H wells, which are producing from the Bakken and Three Forks Sanish formations to 0.90% from 0.60%.
The operator of the Skunk Creek sites, Kodiak Energy Inc, has estimated a total of 4.976 million barrels of oil and 2.88 billion cubic feet of gas can be recovered from the Skunk Creek spacing unit by drilling eight wells.
Magnolia petroleum shares were up 0.2% to 2.05 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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