17th Dec 2012 07:00
MAGNOLIA PETROLEUM PLC - Drilling UpdateMAGNOLIA PETROLEUM PLC - Drilling Update
PR Newswire
London, December 16
Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas
17 December 2012
Magnolia Petroleum Plc(`Magnolia' or `the Company') Drilling UpdateMagnolia Petroleum Plc, the AIM quoted US onshore oil and gas exploration andproduction company, announces that the Roger Swartz #1 vertical well operatedby Magnolia and targeting the producing Mississippi Lime formation, Oklahoma,has been drilled to total depth of 5,180 feet, logged and casing has been setto a depth of 5,000 feet.
Further perforations have been made in the Mississippi Lime and the MississippiChat and the Company confirms that hydrocarbons have been encountered. Testingis underway to determine production capabilities and/or the economicfeasibility of further fracturing or stimulation of these zones.
A further release will be made in due course as further information becomesavailable.
In accordance with the AIM Rules for Companies, the information in thisannouncement has been reviewed by Robert Key, President of Taylor EnergyConsulting, a qualified petroleum engineer, with 32 years' experience.
** ENDS **For further information on Magnolia Petroleum Plc visit www.magnoliapetroleum.com or contact the following:
Steven Snead Magnolia Petroleum Plc +01 918 449 8750 Rita Whittington Magnolia Petroleum Plc +01 918 449 8750 Antony Legge/James Thomas Daniel Stewart & Company Plc +44 (0) 20 7776 6550 John Howes/John-Henry Wicks Northland Capital Partners +44 (0) 20 7796 8800 Limited Lottie Brocklehurst St Brides Media and Finance +44 (0) 20 7236 1177 Ltd Frank Buhagiar St Brides Media and Finance +44 (0) 20 7236 1177 Ltd NotesMagnolia Petroleum Plc is an AIM quoted, US focused, oil and gas explorationand production company. Its portfolio includes interests in 86 producing andnon-producing assets, primarily located in the highly productive Bakken/ThreeForks Sanish hydrocarbon formations in North Dakota as well as the oil richMississippi Lime and the substantial and proven Woodford and Hunton formationsin Oklahoma.Summary of WellsCategory Number of wells Producing 86 Being Drilled/Completed 15 Elected to participate/waiting to spud 13 TOTAL 114This summary excludes four out of six wells acquired as part of the acquisitionof 800 gross acres with a 100% working interest in Osage County, Oklahoma, asannounced on 10 February 2012. These four wells are currently `shut in' andwill require a workover programme at some point in the future to bring backinto production.
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