Magnolia drilling update confirms presence of hydrocarbons in Oklahoma well

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.

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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.

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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.

MF

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