30th Jan 2014 12:51
LONDON (Alliance News) - Magnolia Petroleum PLC Thursday said it has commenced production at two wells and increased its working and net interest in another in Oklahoma.
The US-focused onshore oil and gas production company, which takes small stakes in multiple wells in highly prospective shale plays, said the Blaser 1-10H site on the Mississippi Lime play began production at a gross initial rate of 142 barrels of oil equivalent per day, with 13.3 barrels going to Magnolia.
The company said its Linda 1-4 well on the Wilcox acreage began production at a gross initial production rate of 27 barrels of oil equivalent per day, with 2.5 barrels going to Magnolia.
Magnolia holds a 9.375% net revenue interest in both sites.
The company also said that at the Giles 1-6H site in the Mississippi Lime play, it has increased its working interest to 1.53% from 1.25% and its net revenue interest to 1.22% from 0.937%.
Magnolia shares were trading down 0.02p at 2.18 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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