Magnolia Petroleum begins drilling programme in Oklahoma

AIM-listed oil and gas exploration and production company Magnolia Petroleum has begun a 10-well drilling programme in Oklahoma, US.

The company, which has a 0.53% interest in each of the ten wells, said it was targeting the proven Woodford formation in the prolific South-Central Oklahoma Oil Province play, where an estimated total of 3.2bn barrels of conventional oil have been recovered from 60 reservoirs.

Magnolia said drilling has kicked off on the Sympson 10-6H well, the first of five wells which are to be drilled in November 2015.

The remaining five wells of the programme will be drilled by March 2016, with one well in January 2016, a further three in February 2016 and the last in March 2016.

Chief operating officer Rita Whittington said: “With the 10 Continental operated wells due to be drilled by March 2016 and a further 10 non-Continental operated wells at various stages of drilling and completion, we continue to make excellent progress in rolling out our strategy to prove up the reserves on our leases through drilling.”

At 1426 GMT, Magnolia shares were up 11% at 0.50p.