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Magnolia Petroleum to invest in 12 new onshore U.S. wells

Staff Writer | April 19, 2017
Magnolia Petroleum is investing in 12 new onshore wells in the U.S. to drive the company's strategy of rapidly building production.
Magnolia Petroleum
Oil exploration   Rapidly building production
The AIM-listed company said that the aggregate net cost of the drilling programme, which includes wells in the Bakken/Three Forks Sanish in North Dakota and the Woodford formation in Oklahoma, is $270,300.

Magnolia's Chief Executive Rita Whittington said: "These 12 new wells demonstrate the significant pickup in activity we are seeing across the proven US onshore formations where we are focused."

She added that several of wells were located in the "prolific" SCOOP and STACK plays in Oklahoma, where the "production and recovery rates being achieved are among the best in the region".

The company said that it anticipated further growth in its reserves, which were recently valued at $4 million, from the campaign.