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
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the USMedium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.
