Advertisement

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.

Advertisement - Article continues below

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

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/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
Visit/investments/investment-strategy/600861/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
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
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
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/investments/property/601606/house-prices-crash-uk-property-prices-falling-where-next
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020
Visit/investments/stockmarkets/601611/nasdaq-all-time-high-markets-and-the-real-economy
Stockmarkets

How can markets hit new record highs when the economy is in such a mess?

Despite the world being in the midst of a global pandemic, America's Nasdaq stock index just hit an all-time high. And it's not the only index on a bu…
3 Jul 2020
Visit/economy/inflation/601584/the-end-of-the-bond-bull-market-and-the-return-of-inflation
Inflation

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020