Drilling commences at Magnolia Petroleum's Helgeson well

AIM-quoted US-focused onshore oil and gas exploration company Magnolia Petroleum has published an operational update reporting that drilling has commenced at another of its North Dakota wells.

AIM-quoted US-focused onshore oil and gas exploration company Magnolia Petroleum has published an operational update reporting that drilling has commenced at another of its North Dakota wells.

The company reported that its Helgeson 41-30H well, operated by Marathon Oil, had commenced drilling on February 4th.

Magnolia currently holds a 5.428% working interest and 4.071% net revenue interest in Helgeson.

The group reported that the estimated total cost of the well is $8.6m, of which Magnolia's share is $464,745.

Drilling is also underway at two other wells located in North Dakota and another well in Oklahoma.

Rita Whittington, Chief Operating Officer of Magnolia, said: "We are pleased to announce additional drilling alongside leading operators such as Marathon Oil and Statoil."

"This drilling activity is a continuation of the momentum created last year when we significantly increased our acreage and the number of potential drilling locations in proven US onshore formations.

She added: "As these and other wells come into production, we should see further increases in revenue and cash flow and we look forward to providing updates in our final results and the recently commissioned Reserves Report."

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 world’s fund managers are getting very bullish – be careful out there
Stockmarkets

The world’s fund managers are getting very bullish – be careful out there

The latest survey of fund managers shows them to be extremely bullish on all the same things. And that, says John Stepek, means the market is in dange…
21 Jan 2021
Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021