Regulatory Story
Go to market news section View chart   Print
Magnolia Petroleum Plc  -  MAGP   

Update on Prucha 1-23MH well

Released 07:00 17-Jan-2013

Update on Prucha 1-23MH well

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.

Close


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


Update on Prucha 1-23MH well - RNS