Magnolia Petroleum, a US focused oil and gas exploration and production company, has announced its participation in three further wells in proven onshore oil plays in Oklahoma, as part of its expansion strategy to rapidly build production and revenues.
The first of these is the Brandt horizontal well, which is targeting the Mississippi Lime Formation. Magnolia has a 4.1937% working interest in the well and its share of the drill costs are estimated at $155,817. The second is the Otis horizontal well, which is targeting the same site. Magnolia owns a 4.188% working interest and its share of the drill costs are estimated at $157,628.
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
-
‘Inheritance tax insurance’ enquiries are soaring – but is it worth it?Premiums for whole of life insurance can run to £5,000 a month to cover a £300,000 inheritance tax bill, with policies costing more the older you take them out.
-
MPs warn over Lifetime ISAs which could leave savers out of pocketThe Treasury Committee has highlighted confusion around the Lifetime ISA withdrawal charge, which risks consumers losing “a significant part of their savings”
