Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas
17 January 2013
Magnolia Petroleum Plc(`Magnolia' or `the Company')
Updateon Prucha 1-23MH well
Magnolia Petroleum Plc, the AIM quoted US onshore oil and gas exploration and
production company, announces that following the recent speculation regarding
the Prucha 1-23 MH well (`Prucha' or `the Well'), the Company has discussed
with the operator the plans for bringing the Well into full production. The
Board has now decided to relinquish the Company's interest in the Prucha well
on the basis that the funds allocated for Prucha may be better utilised
elsewhere in the Company's portfolio. No funds had been transferred to the
operator prior to this date and hence it is expected that there will be no loss
to Magnolia through this decision.
The Company currently has interests in 88 producing wells in proven onshore US
formations such as the Bakken, North Dakota, with a further 16 currently
drilling/completing and 16 waiting to spud. In addition, Magnolia continues to
receive multiple proposals to participate in new wells across its acreage and,
as a result expects to see continued growth in its portfolio in due course.
For further information on Magnolia Petroleum Plc visit
www.magnoliapetroleum.com or contact the following:
Steven Snead Magnolia Petroleum Plc +01 918 449 8750
Rita Whittington Magnolia Petroleum Plc +01 918 449 8750
Antony Legge/James Thomas Daniel Stewart & Company Plc +44 (0) 20 7776 6550
John Howes/John-Henry Wicks Northland Capital Partners +44 (0) 20 7796 8800
Limited
Lottie Brocklehurst St Brides Media and Finance +44 (0) 20 7236 1177
Ltd
Frank Buhagiar St Brides Media and Finance +44 (0) 20 7236 1177
Ltd
Notes
Magnolia Petroleum Plc is an AIM quoted, US focused, oil and gas exploration
and production company. Its portfolio includes interests in 88 producing and
non-producing assets, primarily located in the highly productive Bakken/Three
Forks Sanish hydrocarbon formations in North Dakota as well as the oil rich
Mississippi Lime and the substantial and proven Woodford and Hunton formations
in Oklahoma.
Summary of Wells
Category Number of wells
Producing 88
Being Drilled/Completed 16
Elected to participate/waiting to spud 16
TOTAL 120
This summary excludes four out of six wells acquired as part of the acquisition
of 800 gross acres with a 100% working interest in Osage County, Oklahoma, as
announced on 10 February 2012. These four wells are currently `shut in' and
will require a workover programme at some point in the future to bring back
into production.
