Magnolia Petroleum's North American well count increases

Magnolia Petroleum, the AIM-listed onshore focused oil and gas

Magnolia Petroleum, the AIM-listed onshore focused oil and gas

exploration and production company, has reported an increase in the number of wells it has a stake in.

In an operational update issued on Thursday, the company reported that it had commenced production at its Peck 1-5H well in the Mississippi Lime formation in Oklahoma and had begun participating in five new wells.

In total, the company now has 139 wells. Of this, 139 wells are producing, 17 are being drilled or completed and 17 are waiting to spud.

Rita Whittington, Chief Operating Officer of Magnolia, said: "Our well count continues to rise. We now have interests in 105 producing wells in proven onshore US formations such as the Bakken, North Dakota, and the Mississippi Lime, Oklahoma."

She added: "Our pipeline of new wells is currently growing at a faster rate than those that are coming into production and as a result, with 17 wells drilling and a further 17 waiting to spud, we expect the strong momentum behind Magnolia to continue."

Magnolia Petroleum's share price was up 0.96% to 2.62p at 11:00 on Thursday.

MF

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Investors are shunning UK stocks – but they might regret that in a year’s time
UK stockmarkets

Investors are shunning UK stocks – but they might regret that in a year’s time

There are a number of reasons why investors aren't buying UK stocks, says John Stepek. But they may want to rethink that strategy.
29 Sep 2020
Are we really in a stockmarket bubble?
US stockmarkets

Are we really in a stockmarket bubble?

The rise of “cash shell” companies, sky-high valuations – everything seems to point to a stockmarket bubble. But all may not quite be as it appears, s…
28 Sep 2020
Two commodities that could lie at the heart of the next resources bubble
Energy

Two commodities that could lie at the heart of the next resources bubble

Commodities tend to move in cycles. And if you can identify early on which ones are about to surge in demand, you can profit handsomely. Dominic Frisb…
30 Sep 2020