5th Sep 2013 09:31
LONDON (Alliance News) - Magnolia Petroleum PLC Thursday said it is participating in four new wells, meaning it now has interests in 174 wells, and said it is therefore confident it will exceed its year-end target of interest in 275 wells.
"Increasing the number of wells in which we have an interest generates higher revenues that are reinvested into drilling, but importantly proves up reserves," Chief Operating Officer Rita Whittington said in a statement.
The company expects to report further substantial growth because several of the wells it has an interest in are expected to commence production shortly, Whittington added.
The participation in the four new wells, which are in Mississippi and Oklahoma, will cost the company USD153,533.
The company is trying to build itself into a significant US onshore oil and gas company.
Its shares were up 4.7% at 2.538 pence Thursday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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