Magnolia Petroleum has revealed that it is participating in three additional wells as part of a drilling programme in proven onshore oil plays in Oklahoma, US.
The company holds interests in 80 producing prospects, with a further four currently being drilled or completed, and an additional 12 planned to be spud including the latest three wells.
The first of the three wells includes the Brandt 31-28-12 1H horizontal well targeting the Mississippi Lime Formation, in which Magnolia has a 4% stake.
The second is the Otis 2-27-12 1H horizontal well targeting the same formation in which Magnolia owns a 4% stake.
Drill costs for these two wells, operated by Chesapeake Energy, will come to $3.7 million and $3.76 million respectively.
Magnolia Petroleum COO Rita Whittington said the company is continuing to build a pipeline of future wells which, once drilled, will add to its portfolio of producing wells in proven US onshore oil plays such as the Bakken / Three Forks Sanish, North Dakota and the Mississippi Lime and Hunton / Woodford, Oklahoma.
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By GlobalData"Importantly, the Brandt, Otis and the previously announced Thomason and Montecristo wells show our average working interests are on the rise, in line with our stated strategy," Rita added.
The third well, Campbell 1-H operated by Newfield Exploration, will target the Woodford Formation.
