Magnolia Petroleum's North American well count increases

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.

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