Statoil Spuds ND Jake Wells
Magnolia Petroleum Plc announced that drilling has commenced at the Jake 2-11 1H and the Jake 2-11 TFH wells operated by Statoil ASA, successor to Brigham Oil & Gas, L.P., and targeting the prolific Bakken/Three Forks Sanish formations, North Dakota. An update is also provided on Magnolia's activities across its portfolio of interests in proven oil plays including the Mississippi Lime and Woodford/Hunton formations in Oklahoma.
The Jake 2-11 1H horizontal well located in Williams County, North Dakota, is targeting the Bakken Formation and is operated by Statoil, a leading energy company. The Jake 2-11 TFH horizontal well, also operated by Statoil, is using the same pad as the Jake 2-11 1H well to target the Three Forks Sanish Formation. Total drill costs for the Jake wells are estimated at $10,215,000 each, with the Company's 1.9531 percent working interest in each well estimated at $199,509. Magnolia's net revenue interest is 1.4648 percent.
Magnolia has been advised by Statoil that four further "Jake" wells, in which Magnolia will have a working interest are scheduled to spud early 2013. These wells will be drilled on the same pad as the Jake 2-11 1H and the Jake 2-11 TFH.
Magnolia COO, Rita Whittington said, "Statoil has reported some of the best initial production rates in this region. With this in mind, we are delighted that the two Jake wells have commenced drilling and that four additional wells in Williams County, also operated by Statoil, are due to be drilled in early 2013."
Details of Two New Wells Waiting to Spud in Oklahoma
Cox 1-29H horizontal well targeting the Hunton Formation,Oklahoma.Magnolia has a 2.9167 percent working interest and a 2.1875 percent net revenue interest in the well which is operated by Crown Energy. Total drill costs are estimated at $2,907,500 with the Company's share $84,803.
Walker 2-29 well targeting the Viola Formation, Oklahoma. Magnolia has a 1.1113 percent working interest and a 0.8335 percent net revenue interest in the well which is operated by Transpro. Total drill costs are estimated at $768,423 with the Company's share $8,539. This is an increased density well to the Walker 1-29, which paid out in less than 18 months, to optimize the recovery of all the reserves. The site is currently being prepared for drilling ahead of spud.
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