Magnolia poised to start fracture stimulation at Roger Swartz well

Onshore focused oil and gas exploration company Magnolia Petroleum has unveiled an operational update showing that fracture stimulation is expected to commence shortly after next week at the Roger Swartz well 1.

Onshore focused oil and gas exploration company Magnolia Petroleum has unveiled an operational update showing that fracture stimulation is expected to commence shortly after next week at the Roger Swartz well 1.

Since drilling and testing of the well, which is operated by Magnolia Petroleum, in December 2012, the company said that all the production equipment has now arrived on site.

Following some recent inclement weather, it reported that the completion rig is scheduled for next week with fracture stimulation expected to occur shortly thereafter.

The group also outlined details of the "Chalfont 1-H" horizontal well, in which it is participating. Targeting the WoodfordFormation in Oklahoma, Magnolia Petroleum reported that the Continental Resources-operated well's total drill costs were estimated at $8.2m with the company's share totalling $19,428.

The status of eight other wells was outlined in the operational update showing that two had been drilled and were undergoing completion. One was waiting to spud, two were undergoing fracture stimulation, one was due to commence fracture stimulation this week, one was complete and one was expected to spud within 30 days.

Rita Whittington, Chief Operating Officer of Magnolia, said: "With 18 wells currently undergoing drilling, completing or fracture stimulation operations, including our own 100% owned Roger Swartz vertical well, we anticipate a further increase in revenues and reserves as these wells are brought into production.

"Combined with an additional 14 wells waiting to spud and multiple well proposals being received on our leases, we remain on course to build a significant oil and gas company focused on proven US onshore formations, and in the process generate substantial value for shareholders."

MF

Recommended

How to profit from pampered pets beyond the pandemic
Share tips

How to profit from pampered pets beyond the pandemic

Covid-19 has greatly boosted ownership. But the market had been expanding for years, and demographic, cultural and medical trends all point to long-te…
30 Jul 2021
Share tips of the week – 30 July
Share tips

Share tips of the week – 30 July

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
30 Jul 2021
Robinhood is going public – should you invest?
US stockmarkets

Robinhood is going public – should you invest?

Online stockbroking app Robinhood is going public on the US stock exchange. Saloni Sardana looks at whether it's worth a punt.
29 Jul 2021
Three sustainable stocks that are doing well by doing good
Share tips

Three sustainable stocks that are doing well by doing good

Professional investor Peter Michaelis of the Liontrust Sustainable Investment Team picks three stocks to buy that are helping to create a cleaner, saf…
26 Jul 2021

Most Popular

Why the UK's 2.5% inflation is a big deal
Inflation

Why the UK's 2.5% inflation is a big deal

After years of inflation being a financial-assets problem, it is now an “ordinary things” problem too, says Merryn Somerset Webb. But central banks st…
16 Jul 2021
The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism
Economy

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism

Russell Napier talks to Merryn about financial repression – or "stealing money from old people slowly" – plus how Asian capitalism is taking over in t…
16 Jul 2021
Cryptocurrency roundup: Twitter founder’s “DeFi” platform
Bitcoin & crypto

Cryptocurrency roundup: Twitter founder’s “DeFi” platform

In crypto this week: regulators are getting worried; Jack Dorsey’s bitcoin DeFi platform; and dogecoin’s co-founder lambasts cryptocurrencies.  Salon…
16 Jul 2021