17th Jan 2013 07:00
MAGNOLIA PETROLEUM PLC - Update on Prucha 1-23MH wellMAGNOLIA PETROLEUM PLC - Update on Prucha 1-23MH well
PR Newswire
London, January 16
Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas
17 January 2013
Magnolia Petroleum Plc(`Magnolia' or `the Company') Updateon Prucha 1-23MH wellMagnolia Petroleum Plc, the AIM quoted US onshore oil and gas exploration andproduction company, announces that following the recent speculation regardingthe Prucha 1-23 MH well (`Prucha' or `the Well'), the Company has discussedwith the operator the plans for bringing the Well into full production. TheBoard has now decided to relinquish the Company's interest in the Prucha wellon the basis that the funds allocated for Prucha may be better utilisedelsewhere in the Company's portfolio. No funds had been transferred to theoperator prior to this date and hence it is expected that there will be no lossto Magnolia through this decision.
The Company currently has interests in 88 producing wells in proven onshore USformations such as the Bakken, North Dakota, with a further 16 currentlydrilling/completing and 16 waiting to spud. In addition, Magnolia continues toreceive multiple proposals to participate in new wells across its acreage and,as a result expects to see continued growth in its portfolio in due course.
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 88 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 88 Being Drilled/Completed 16 Elected to participate/waiting to spud 16 TOTAL 120This 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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