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.
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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.
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