AIM-listed US onshore oil and gas exploration company Magnolia Petroleum has published a drilling update regarding the Roger Swartz 1 Vertical Well in Oklahoma.
The well, which is operated by Magnolia, is targeting the producing Mississippi Lime formation.
Further perforations were made in the Mississippi Lime and the Mississippi Chat and the company confirmed that hydrocarbons had been encountered.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
According to the drilling update, it has been drilled to a total depth of 5,180 feet and logged and casing has been set to a depth of 5,000 feet.
Testing is now underway to determine production capabilities and economic feasibility of further fracturing or stimulation of these zones.
Magnolia Petroleum's share price was up 0.66% to 3.80p at 10:56 on Monday morning.
10 vinyl records worth up to £10,000 - is one in your collection?
News Vinyl is experiencing a resurgence and collectors will pay up to £10,000 for some albums - is it time to dust off your old records?
By Marc Shoffman Published
FCA: Banks are still short-changing savers
The latest FCA review finds that while public shaming has encouraged providers into offering better deals on savings, many of those with closed accounts are still being shortchanged.
By John Fitzsimons Published