Above expectation oil production reported at Magnolia Petroleum's US wells

AIM-listed US onshore oil and gas exploration company Magnolia Petroleum has reported above expectation initial production rates for three wells.

AIM-listed US onshore oil and gas exploration company Magnolia Petroleum has reported above expectation initial production rates for three wells.

The net initial production rate (IPR) for well BB Rice no.2 in the Bakken, North Dakota formation was 1.81 barrels of oil equivalent per day.

In the BB Rice no.3, Three Forks Sanish formation, also in North Dakota, the net IPR was 1.94 barrels of oil equivalent per day, and in the Mack 10-27-17 1H Mississippi Lime formation in Oklahoma, the net IPR was 1.27 barrels of oil equivalent per day.

COO: Well production rates exceeding expectationsMagnolia Petroleum Chief Operating Officer, Rita Whittington, said: "Initial production rates for wells targeting the Bakken and Three Forks Sanish, North Dakota, and the Mississippi Lime, Oklahoma, in which we have an interest, continue to exceed our expectations, highlighting the prolific nature of these formations.

"With multiple potential drilling locations in both North Dakota and Oklahoma, we are looking forward to participating in additional wells targeting these plays, as we progressively prove up our acreage and in the process grow net production and reserves further," she added.

MF

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
The FTSE 100 is set for a makeover with an influx of new tech stocks
UK stockmarkets

The FTSE 100 is set for a makeover with an influx of new tech stocks

The FTSE 100 – the dullest index in the world – is about to reinvent itself as a host of new firms list on the market. The change is long overdue, say…
24 Jan 2021
Inflation is the easiest way out of this – just don’t expect politicians to admit it
Inflation

Inflation is the easiest way out of this – just don’t expect politicians to admit it

The UK government borrowed £34.1bn in December, a record amount for that month. Britain's debt pile now amounts to 100% of GDP. How are we going to pa…
22 Jan 2021